What’s the best pay monthly loan to get?

This all depends on why you need the loan, your disposable income and how well you can manage the repayments. 

But it’s always best to take out a loan with a low APR, and with as short a timeframe as you can comfortably manage to pay back the funds as possible, so you pay less interest. 

If you find yourself in a fortunate situation where you have a bigger disposable income than you anticipated, you could pay off more of what you owe, faster. But make sure you check your terms and conditions as sometimes early repayment can come with a charge.

Can I pay back my loan early?

Yes, but you may have to pay a penalty to do so. Often it's best if you try and do so you'll be debt-free – but some loans can charge an early repayment fee. When you take out your loan the lender should let you know what will happen.

The advantage of paying off all or part of a loan sooner rather than later should mean you pay less interest overall.

If you intend to pay off your full loan amount, you'll need to contact your lender and ask for an early settlement amount. This the total sum needed to repay the loan. You then have 28 days to pay it from when your request is received. The lender will let you know if any fees are repayable, so you can decide if you want to go ahead.

If you think you may be able to repay early, then it might be worth looking for a loan that doesn't include this kind of fee. If you want to pay off part of your loan, your credit agreement may be clear about how any partial early payment will affect your remaining repayments.

If it isn't then you can negotiate with the lender about whether you reduce your regular instalments or pay back the rest of the loan over a shorter period.

It's best to check the terms and conditions of your loan as there may be a charge for paying your loan off quickly.

Where can I find the best loan for me?

All you need to do is work out how much you want to borrow and over how long. We'll do all the leg work for you with our comparison service to find you the best value loan. It's easy to see if you can use the loan for debt consolidation, if repayment holidays are allowed and if there any rules about repaying early. So, get comparing and see what you could typically expect to pay every month for the loan you need.