Can I make extra payments or pay my loan off early?

What it is: Making additional payments when you can. This is ideal for paying down your loan faster on a flexible basis.

How it works: Each extra payment goes directly toward reducing your loan balance (the principal). This means less interest is charged overall and you may finish your loan sooner.

How to do it: You can make an extra payment at any time via the app. Navigate to your loan dashboard and select "Make an extra payment."

What it is: Paying off your entire loan balance in a single payment.

How it works: To do this, you’ll need a settlement figure - the total amount required to repay your loan in full on a specific date. This figure includes your outstanding balance and any interest accrued up to that date.

How to do it: Request your up-to-date settlement figure directly in the app.
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Updraft loans charge interest daily, so the total amount due may change slightly depending on the date you make your payment.

Overpayments reduce your balance immediately, but your monthly repayment schedule stays the same unless you choose full settlement.

Always use the official settlement figure to make sure you pay the correct final amount and don’t overpay.

Save on interest: Paying down the principal faster can reduce total interest costs.

Finish your loan sooner: Clearing your balance early gives you greater flexibility with future finances.

Build positive payment history: Fully repaying a loan may help strengthen your credit record over time.
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