Do I save interest expenses by making early repayment of WeLab Bank Debt Consolidation Loan?
Generally speaking, you can save more outstanding interest payments when you make an early repayment. Always remember to consider the early repayment charges when deciding.WeLab Bank Debt Consolidation Loan uses the straight-line method to calculate the proportion of interest and principal in each monthly repayment. While the monthly repayment amount remains the same throughout the tenor, interest weights in the repayment will decrease as the outstanding amount decreases along with repayment. If you decide to repay your loans early after a certain period, the charges may outweigh the amount of interest saved. We also marked this period in our app to help you decide whether you would like to repay the loan earlier than scheduled.
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