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floors4u
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I am not a supporter of banks and some of their questionable practices but they are in the business of lending money over an agreed period. If you pay off early then they are forgoing the interest agreed by you so they are entitled to make a charge for this. As @Declan pointed out, you would still be a lot better off settling early!

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On 6/12/2021 at 1:03 PM, The Dog's Dangly Bits said:

It's perfectly common and exactly how it should be.

Yes, if you repay early you're breaking the agreement costing the bank time and trouble. Remember it expends time and effort on loan applications; staff have to do that and they have to be paid. If the customer changes their mind during the term of the loan, then it's hardly the fault of the bank.

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On 6/19/2021 at 3:48 PM, GD4XXX said:

staff have to do that and they have to be paid

...can't be that many of them left....

 

On 6/19/2021 at 3:48 PM, GD4XXX said:

If the customer changes their mind during the term of the loan, then it's hardly the fault of the bank.

.....or if the customers circumstances change through no fault of their own....

Banks eh ? Just love 'em. Bailed them out a few years back, can't wait for them to return the favour.

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