Managing your loan is simple and can be done entirely through your Abound account. Whether you want to clear your monthly instalment early or pay off a chunk of your balance, you have full flexibility.
How to make a manual payment
Log in to your Abound account.
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Tap 'Pay' (on mobile) or 'Make a Payment' (on desktop).
Choose your payment type:
Option A: 'Pay monthly instalment'
What it does: This pays your current month’s bill.
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The Benefit: It clears your immediate obligation and automatically moves your next payment date to the following month.
Option B: 'Pay a lump sum' (Extra Payment)
What it does: This is a payment made in addition to your regular monthly instalment.
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The Benefit: You will be given two choices:
Reduce your monthly repayment amount: Keep the same loan end date but pay less each month going forward.
Reduce your loan term: Keep your monthly payments the same but pay the loan off faster, saving you more in interest over time
Frequently Asked Questions
Are there fees for paying extra?
No. At Abound, we believe in rewarding financial progress. You can make extra payments or pay off your loan in full at any time without any early repayment fees or penalties.
Can I use a credit card?
No. To help you stay in control of your finances, we only accept payments from UK debit cards (Visa or Mastercard). Using a credit card to pay off a loan can lead to a cycle of debt and extra interest charges.
When will my balance update?
Because we use CPA (Continuous Payment Authority), payments are processed instantly. You should see your updated balance and your next payment date on your dashboard as soon as the transaction is confirmed.
Does an extra payment replace my next monthly bill?
Not necessarily. If you choose 'Pay a lump sum', your regular monthly payment will still be collected on its usual date unless you have also cleared the 'Monthly instalment' or your lump sum was large enough to clear the remaining balance.
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