Can you repay your payday loan early?

Find out which lenders will let you repay your loan early and how much you can save.

If you're in a position to repay your payday loan off ahead of schedule, great! Repaying early can save you money in fees and make your budget easier to manage. Not all lenders have the same rules in place when it comes to repaying your loan early, so if you're planning to do so, take a look at the guide below.

Which lenders let you repay your payday loan early?

If you know you won't need to take out a payday loan for a long period or you already have a loan and want to check if your lender will let you repay, take a look at the list below to see which lenders allow early repayments:

LenderCan you repay early?Conditions
Cash ConvertersyesYou may receive a discount
Cash TrainyesFees may apply
Ezi debit transaction fee of $1.25 per transaction
OK Moneyyes-
Sunshine Loansyes-
Wallet Wizard yesMake additional payments at any time

What you need to do to repay your loan early

When you're ready to repay your payday loan ahead of schedule, make sure you do the following:

  • Check your loan contract

Your loan contract will establish any fees or penalties you might have to pay as well as any stipulations regarding early repayment of your loan. It's best to be aware of these before you get in touch with your lender.

  • Contact your lender

The contact information for your lender will be listed on any correspondence, as well as on the lender's site. You can usually contact lenders by email or phone, and some also offer online chat.

Ask how you are able to repay your loan early, what fees apply and if any savings or discounts are available. You should also how quickly you can settle the loan, because the more quickly it can be settled the more you can save.

  • Pay out your loan

Follow the instructions given to you by the lender to ensure the loan is paid out correctly. After you pay the loan out, make sure you can see the account is closed to avoid mistaken charges.
Image: Shutterstock

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