Saving Interest on Your Loan

How to Save Interest on your Flexi Pay Loan

Flexi Pay loans are just that, flexible.  They are simple to apply for, and have a weekly minimum payment.

They are also brilliant if you want to reduce them quickly, as there is no additional cost, and you can pay more anytime you like.

Below is a summary of different payment approaches to the Flexi Pay loan. 

The key is to look at the overall savings that result when you pay a little more on your loan regularly.

The Annualised Interest Rate (AIR) in the examples is 14.95% however, the effective interest rate (the interest you pay over the entire term of the loan / the original principal of the loan) can change dramatically.

We recommend, if you can, to pay more as soon as you can and eat away at the principal more rapidly to reduce the effective interest cost of your loan.  Remember, you'll never be charged for making early payments, more payments or paying the whole loan off early.