Plata

Settlement Information

What is a settlement figure?​

A settlement figure is the full amount you’d need to pay off your loan early.​

  • It’s valid for 28 days from the date you request it.​
  • It includes any interest savings (also called an interest rebate) that you could be entitled to.

You can use your online Plata account to:​

  • Pay your loan off in full or,​
  • Make a partial settlement.

If you request a settlement quote online, this doesn’t commit you to anything. If you change your mind, that’s completely fine –there’s no obligation to go ahead.​

If you do decide to make a settlement, you have 28 days from when the quote was generated to make a payment.​

Please keep in mind that any regular monthly repayments due during this time will still need to be made. ​

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What is an interest rebate?​

If you repay your loan early, you might be entitled to a refund on some of the interest. This is called an interest rebate or interest saving. ​

The settlement figure we provide is calculated based on rules set out in the Consumer Credit Act 1974 and not a formula of our own.

How are monthly repayments calculated?​

Each monthly repayment is made up of two parts:​

  • Capital - the amount you borrowed. ​
  • Interest - the cost of borrowing. ​

Interest is added to the capital at the start of your loan, and the total is then divided by the number of monthly repayments in your loan term. ​

Our loans are front-loaded, which means that in the early months, a larger portion of your repayment goes toward interest. As your balance reduces, more of your repayment goes toward the capital. This is a structural feature and not a hidden fee.​

Good to know

  • You’ll never pay more than the total amount payable shown in your loan agreement.​
  • If you repay early, either in part or in full, you may still be eligible for an interest rebate.

Thinking about repaying early?​

Plata offers loans with terms that are 12 months or longer. While repaying your loan early can save you interest, if you’re looking for a short-term borrowing option, there may be other products more suited to your needs than a Plata loan.