A UK loan settlement figure includes up to 58 days’ interest because lenders price it to a settlement date ahead of the request: the settlement date is set 28 days after the request, and where the agreement runs longer than 12 months the lender may add a further 30 days, so the quote carries interest for both.
That is an evergreen rule, not news; the dates below are only the days we read each page. This desk read the settlement pages of Shawbrook, Novuna, TSB, Santander and Zable on 20 September 2026, set their wording side by side, and priced the clause on a stated balance.
Why does my loan settlement figure include 58 days interest?
The figure runs above the balance on your statement because the lender does not price the loan as though you were repaying today: it fixes a settlement date ahead and charges interest to it, as the table below sets out. Shawbrook (with Zable) names the rule in the lines we read: it calculates the figure under the Consumer Credit (Early Settlement) Regulations 2004, capping interest at 58 days on the balance outstanding when the figure is given.
One limit: legislation.gov.uk does not serve pages to plain requests, so this desk has not read the Regulations first hand; every statement here is a lender’s own account, not a claim about what any lender must do.
What five lenders’ own pages say about the 58 days
Every row is scoped to the page and lines read on 20 September 2026; “not stated” means not stated in those lines.
| Lender (page read) | How the settlement date is set | Extra month where the term exceeds 12 months | Stated interest cap | Figure valid for | Names the 2004 Regulations |
|---|---|---|---|---|---|
| Shawbrook Bank (settling-your-loan help page) | Interest counted on the balance outstanding when the figure is provided | Not stated | No more than 58 days | 30 days | Yes |
| Novuna Personal Finance (early-repayment guide, last updated 27 March 2025) | 28 days after the borrower asks to repay in full | May defer by a further calendar month where the agreement’s duration exceeds 12 months | Up to 58 days, depending on the term left | 28 days to decide | Not stated |
| TSB (personal loans FAQ) | Not stated | Not stated | Up to 58 days on any full settlement | Not stated | Not stated |
| Santander UK (early loan repayment support page) | Assumes repayment within 28 days | Extra 30 days where the original term was longer than 12 months | Up to 58 days in total | 28 days | Not stated |
| Zable (repaying-a-loan-early guide, updated 17 July 2026) | Up to 28 days where 12 months or less remain | Up to 58 days (28 plus a further 30) where more than 12 months remain | Up to 58 days | Usually around 28 days | Yes |
The trigger for the extra month is not worded the same way twice: Novuna and Santander tie it to the agreement’s length as signed, Zable’s guide to how much term remains. We report each; a borrower with 11 months left on a five-year loan should ask which reading applies.
What 58 days’ interest costs on a real balance
Nothing we read prices the clause in pounds, so here is an illustration: simple interest at a stated rate, worked by this desk, not the Regulations’ formula or any lender’s quote.
Take £5,000 outstanding at 6.9% a year, which is £345 of interest a year. Pro-rated by days:
- 28 days: £345 × 28 ÷ 365 = £26.47
- 30 days: £345 × 30 ÷ 365 = £28.36
- 58 days: £345 × 58 ÷ 365 = £54.82
The full clause adds roughly £55 on that balance and rate, about £28 of it the extra month. Double the balance or rate and the sum doubles — why the rate actually offered, not advertised, decides the cost, as set out in Why was I offered a higher APR than the representative APR?.
Is it worth paying off a personal loan early?
Usually, measured against the interest still to run, but not always: Santander says that with two or fewer repayments remaining, settling costs more than letting the loan finish. The test is the interest the lender would otherwise collect over the remaining months against the 58 days added to the quote — a figure on the loan’s cost-of-credit disclosure, explained in The UK personal loan, assessed from the cost of credit outward.
A partial overpayment differs. Novuna says overpayments carry no fees or additional interest; Zable’s guide states the general limit for loans since 1 February 2011 as £8,000 in any 12-month period without charge, and above that up to 1%, or 0.5% where under a year remains. We read two lenders’ own pages in Monzo versus Zopa: two personal loan pages, assessed on what each discloses.
Questions readers ask about the 58 days
Why do I have to pay 58 days interest to settle my loan early?
Because the lender sets the settlement date ahead of today. The pages we read set it 28 days after the request and add a further 30 days where the agreement runs longer than 12 months, so interest accrues for up to 58 days. Shawbrook and Zable attribute the calculation to the Consumer Credit (Early Settlement) Regulations 2004, which this desk has not read.
How is an early settlement figure calculated on a personal loan?
Shawbrook describes it as every sum that would have been payable had the loan run its course, less a reduction for the interest and charges the borrower will no longer owe, with no more than 58 days’ interest on the balance outstanding when the figure is given. Novuna and Santander put it more simply: the balance remaining plus interest to a settlement date 28 days ahead, or 58 where the extra month applies.
How long is a loan settlement figure valid for?
It depends on the lender. Shawbrook says its figure is valid for 30 days; Santander says the figure is available for 28 days; Novuna gives the borrower 28 days from the request to decide; Zable’s guide says figures are usually valid for around 28 days. TSB’s FAQ, in the lines we read, does not state a validity period.
Can a lender charge a fee for paying off a loan early?
The five pages we read describe the 58 days as interest, not a fee, and Novuna says it charges no penalty fee for settling early. For partial overpayments, Zable’s guide says that on loans taken out since 1 February 2011 a borrower can usually overpay up to £8,000 in any 12-month period without charge, and above that a lender can charge up to 1%, or 0.5% where under a year remains.
Where this desk stands
The sources are Shawbrook’s settling-your-loan page, Santander’s early loan repayment page and Zable’s guide to repaying a loan early, with Novuna’s and TSB’s pages read alongside, all on 20 September 2026. Loan Herald is a publisher, not a lender or credit broker, and is not authorised or regulated by the Financial Conduct Authority; nothing here is advice on whether to settle any loan. The figure that binds you is the one your own lender sends. Check any firm on the FCA Register before you deal with it.