What are the early repayment fees if you take out a First Plus type loan?

Question

Does anyone have any experience of taking out a loan with First Plus or similar company? If you want to pay off the loan (in full or part) early, what do they charge you?

Answer 1

What happens if I want to repay my loan early?
Your Customer Care team will provide you with an accurate Settlement Quotation. The exact total will be worked out in accordance with the Terms and Conditions of your loan and some early settlement interest will apply. This is detailed on your Credit Agreement and is based on the Consumer Credit Act that applied when you took out the loan.

A FIRSTPLUS homeowner loan is designed for long-term finance. If you settle your loan early, and you're a new customer, a sum equivalent to approximately two months interest and an early settlement charge will apply. Existing customers' Terms and Conditions may differ.

Answer 2

Do not take out a loan with any of these sorts of companies you will never pay it off. Go to your bank or a local credit union and get a loan through them. All the loan companies that advertise on TV have extortionate rates and fees, that they will not tell you about until you are tied into a deal. There only goal is to make money from people who cannot afford it. A bit of extra advice never never never get a small cash loan from Provident. You will end up paying back double what you borrowed.

Answer 3

First Plus are a HOMEOWNER loan, all it means that if you want to borrow over a longer period or more than £25k they do let you. The likes of N/R and banks only let you borrow up to £15-£25k over a max payment period of 6-7 years. Early repayments 2 months interest and what ever you owe. But if you take insurance they will ask you to pay that back too!! So think about that too!

Answer 4

Hi,the only people I have had dealings with is northern rock they do not charge on early repayment.At the moment for a unsecured loan its 6-01.