They lend you money, but they sure don’t want it back! Many lenders with cheap personal loans allow you to take repayment holidays, because they get paid more interest. However, if you want flexibility the other way, it can be hard to find a competitive loan because lenders don’t want you to pay it off early.
New loans can lawfully charge you up to two months’ interest to pay off the loan early and most providers take advantage of this. Even fewer providers allow you to make lump-sum overpayments. However, I’ve done some digging to try to find the very best loans that allow early repayment and partial overpayments. These are the loans I found….