When I log in to my AIB Banking account, I see the balance of my loan. Is this amount the total repayable including the interest, if I pay it off as normal throughout the term?
If I wanted to pay it off now, would this amount decrease?
Cheers
The balance showing does not include accrued interest. Interest posted 4 times a year so the last interest was prob March, there would be interest to pay on the loan up to today for example if you were closing it today.
Depending on whether you have Payment Protection on the loan, if you were to clear before the term was up you MIGHT be due a refund on this, if you were the end figure would reduce?
When I log in to my AIB Banking account, I see the balance of my loan. Is this amount the total repayable including the interest, if I pay it off as normal throughout the term?
The settlement figure will probably be higher as unpaid interest will likely have to be added. If it's a fixed interest loan there also may be exit penalties.
Was looking at a copy of a loan statement in our company and it had the opening balance, then the interest that would be added over the 3 years, they added these together to get a total and then deducted the monthly payments from this.
I was thinking the same that they would not charge the interest up front like this. I assume that it would be prorated if you pay of early