You can repay your entire loan at any time – just ask us to tell you the total amount needed to repay your loan in full (we sometimes call this your ‘settlement figure’).
The ‘Your settlement figure’ section below explains how to ask us for a settlement figure and what will be included in the breakdown we send you.
To work out your settlement figure, we’ll assume that you’ll repay your loan in full within 28 days so this figure will include interest over that period. Keep in mind that if your original loan term was longer than 12 months, you’ll be charged an extra 30 days’ interest. That means you’ll be charged up to 58 days’ interest in total.
Repaying your loan early will usually save you money overall. But if you have two or fewer repayments remaining on your loan, it will cost you more to repay your loan early than it would to continue to repay your loan until the end of your loan term. We can help if you need to refinance your existing loan or need a ‘top up’ loan. Please contact us if you’d like to talk to us about either of these options.
You can easily make an overpayment with a transfer.
Transferring from your bank account
Please note that we don’t accept international payments.
To make a payment from your bank, you’ll need to pay it to us with the following details.
- Sort code: your loan sort code
- Account number: your loan account number
- Reference: Use your loan sort code and account number without any spaces.
Alternatively, you can do the following.
- Settle your loan using funds from a new Santander personal loan.
- Contact us and make an overpayment.
- Visit a branch and pay by cash or cheque.
Will my Direct Debit reduce if I pay off some of my loan?
If you pay off part of your loan and it doesn't clear the outstanding balance, your loan term will be reduced, but your monthly repayment will stay the same.
If you want to reduce your monthly repayment but keep the same loan term after you've made an overpayment, please contact us and make an overpayment with any of the following.
- Debit card payment.
- Standing order.
- Faster payment.
- Transfer from an existing Santander savings account.
Your overpayment will reduce your balance immediately. However, the reduction in your monthly repayment will be gradual and may take up to 3 months to take full effect. This is because your next loan repayment may cover a period that has already passed, before your overpayment was made.
If you haven't asked for a settlement figure, and your overpayments reduce your balance to less than one month's payment. Your next payment will pay off the rest of the loan. This will settle the loan without any penalties. We'll refund any surplus payment within 30 days.
The total amount needed to repay your loan in full (we sometimes call this your ‘settlement figure’) will include:
- your remaining loan balance
- interest up to the date you repay your entire loan - we’ll assume that you’ll repay your loan within 28 days so this figure will include interest over that period.
Keep in mind that if your original loan term was longer than 12 months, you’ll be charged an extra 30 days’ interest. That means you’ll be charged up to 58 days’ interest in total.
Your settlement figure will be available for 28 days. If you don’t repay your loan during this time, you’ll need to contact us again for a new settlement figure.
How do I get my settlement figure?
You can get an estimated settlement figure in Mobile or Online Banking, although this may not be the full settlement figure. To get your exact settlement figure, you’ll need to call us on 0800 028 4055.
Once you get your settlement figure, the easiest way to pay is to call us on 0800 028 4055 within 28 days to make a debit card payment.
What do I do with my Direct Debit?
You don’t need to do anything. If you decide to settle your loan early, you shouldn’t cancel your Direct Debit until your loan account has been repaid in full and the settlement period has passed.
What if I’ve paid too much?
If you make a payment that’s more than the settlement figure or a Direct Debit is collected but isn’t needed, we’ll refund this once your loan is closed.