You shouldn’t be penalised for paying off your loan early. The fact is, we won’t penalise you! We want to be as fair and as helpful as possible if you are needing cash in a hurry, and if you can pay off your loan sooner than expected then we’re happy for you to do so. It’s all part of our philosophy to provide a service based on a genuine desire to see people through a tight spot.
For example, when we provide quick cash loans in NZ, we do so knowing that we charge some of the lowest interest rates in the country. We also keep our charges and fees as low as possible, and we’re always transparent in telling our clients exactly how much they’ll pay. Another way for our customers to stay informed about how much they’ll repay is to use our loan calculator on our home page. It gives a very accurate idea of potential repayments.
When it comes to repayments, there is often confusion about possible penalties or fees if the loan is repaid early. It’s well known that many lending institutions do charge their customers for paying a loan off early, but that certainly isn’t the case with us, In fact, we actively encourage our customers to repay their SeedCash loan as early as they possibly can! In doing so, we don’t charge any additional pre-payment fee, prepayment penalty or premium. We want to help you pay for something – we certainly don’t want you to pay even more than you need just because you’ve done the right thing and paid off your loan in good time. That wouldn’t be fair!
It’s also important to remember that interest is accrued on your loan daily, which is based on the outstanding balance. So, under some circumstances, paying your loan in advance means you will incur less interest. So, if you are able to pay your loan off sooner than you first thought, we recommend you do so. All you need to do is contact our customer service team on 0800733328 for a final balance figure on your loan. Potentially, it is a handy money-saver at a time when you need that cash the most.
We’re happy to answer all your questions about your repayments, including paying off your loan early, or what to do if you have trouble meeting your obligations to us. Get in touch and ask away. We’re here to help at every stage of the process.