Borrowers face early-repayment charges on 50 % of all loans that are personal

Paying down that loan earlier than anticipated can carry a huge weight off your arms – but the greater part of providers will strike you having a hefty cost for clearing the debt in front of the agreed timeframe.

Which? Review has unearthed that 59% of unsecured loans come that is currently available early-repayment costs (ERCs), a cost used in the event that you pay back the money you owe prior to the end of one’s deal.

We expose the loan providers striking clients with this particular cost and how to locate a loan without ERCs if you would like the choice to cover your debt off sooner penalty-free.

Which creditors fee ERCs? Continue reading “”