The repayments are made in monthly instalments and our repayment example shown above for each lender gives you an idea of how much you will be expected to repay. The repayments are taken via direct debit from the borrower’s account. If unsuccessful, the lender will usually contact the borrow to discuss repayment but if that individual still cannot afford it, the outstanding balance will be collected from the guarantor’s debit account. There are some lenders who also accept credit card repayments too.
If you wish to repay early, you can go a special login on the lender’s website. Depending on the company, you may have to pay up to 30 days additional interest whilst some other lenders like Amigo offer no early repayment fee and only charge you the daily interest that you have accumulated until that point.