Click on the circle of youronline accountsummary to find a more detailed breakdown.
The amount of interest you should pay with both types of loans is almost exactly the same; the difference is the way in which the interest is applied to your loan.
You can find the type of loan you have by logging into your Online Account. This will tell you whether your loan is a pre calculated interest loan or a daily interest loan.
If you have a Daily Interest Loan:
Your current balance is your original loan amount, plus interest that has been applied to your loan to date, less all repayments you have made.
Please note that interest is applied to your account on a monthly basis, therefore the figure you see may not include interest that has accrued for this current month.
This figure is not the amount you would need to pay to settle your loan early in full. If you would like to do this, please request an early settlement quote via your online account.
If you have a Pre-Calculated Interest Loan:
Your current balance shows your original loan amount, plus the interest payable over the full term of your loan less all repayments you've made to date.
This figure is not the amount you would need to pay to settle your loan early in full. If you would like to do this, please request an early settlement quote via your online account.