My guess is that, if you look at the loan agreement, it will state something about the timing of the advance and the timing of the first payment. It may also state that variations in the agreement will cause variations in the amount due. If the agreement is for the first repayment to be a month after the advance, then it is possible that £30 will approximate to the interest for two weeks.

Hi.

Ive recently taken a loan out with my bank. I applied online, was accepted and a few days later I received the paperwork to sign along with the usual requests for payslips etc. I read through the agreements signed and returned them and waited. It was all sorted within a week and the money credited to me. A week later I received the confirmation letter informing me that the funds have been credited to my account and given the date of which my repayments will begin. I was also given the details of my loan.On checking these details I found that the monthly repayment differs from the amount on the "customer copy of personal loan agreement" . It as increased by £1.26 / month, an increase of £30.24 on my charge for credit.

I contacted the bank to ask why and was told it was something about it being because I had applied online and it was over a short amount of time (24 months)..... and something about my repayments not starting until April (roughly 6 weeks from me receiving the money.

Surely when I signed the agreement, the amount I signed against should be what I pay.

I think what the bank was telling me was, because there was 6 weeks between me receiving the money and making the first payment, they have charged me extra to pay for the extra time.

Any ideas.

Thx