You can change your regular repayment date in your online account. Please note that a payment is required every calendar month.
If you have a Daily Interest Loan:
This will slightly change the interest that you’re charged in the month the payment is moved, as interest is charged daily. If your new repayment date is earlier than your scheduled repayment date, then the interest will reduce. If the new repayment date is later then it will increase.
E.g. If your current repayment date is the 11th and you wish to change it to the 1st of each month, you would be charged 10 days less interest for that month.
If your payment date is the 11th and you wish to change it to the 21st of each month, you would be charged 10 days extra interest that month.
If you have a Pre-Calculated Interest Loan:
The amount of interest you pay doesn’t change because it was pre-calculated when you took out your loan. Even though you’ll repay over a slightly shorter or longer period, your total cost stays the same.
You can find the type of loan you have by logging into your Online Account. This will tell you whether your loan is a pre calculated interest loan or a daily interest loan.