Why has my interest changed?
Factors that could change your monthly interest include payment date changes, late payments, how far into the loan term you are, the number of days in the month, or if the cost of lending were to increase.
Date changes - Interest is calculated daily and added monthly, if you change your due date then your interest could change slightly for that month.
Late payment - The interest is calculated on the balance of the loan, if you are paying or have paid late for a period of time then the balance is higher than what it was intended to be, which means you pay more interest for that month, this could increase the time it will take to pay back the loan.
Days in the month - The interest is calculated daily, so depending on whether there are 30 or 31 days in the month, your interest could fluctuate slightly from month to month.
If you still can't work out why your interest has changed, give our Collections department a call on 01202 629 161 (9am-7pm Mon-Thurs; 9am-6pm Fri; 9am-1pm Sat) and they will be happy to help.