Two numbers on your account look similar but answer different questions, and mixing them up can cost you money. Here is the difference between your outstanding balance and a settlement figure.
Outstanding balance
Your outstanding balance is what is left to pay if you keep to your agreed schedule to the end of the term. It is the running figure you see on your statement of account: total repayable under the contract, minus what you have paid so far.
Settlement figure
A settlement figure is the exact amount to clear the loan in full today. Because interest is charged only for the days you actually hold the balance, stopping now usually means you pay less interest than running to term — so a settlement figure is often lower than the outstanding balance. On a one-time Business Loan it may include an early-settlement charge of up to 28 days' interest; whatever the number, it is shown to you before you confirm.
| If you want to… | Look at… |
|---|---|
| Know what is left over the full term | Your outstanding balance |
| Pay the loan off in full today | A settlement figure (request it in your portal) |
| See your next instalment | The repayment schedule on your statement |
To get a settlement figure, sign in to your portal and request one — it is generated live and shown before you commit. For paying off early in general, see repaying your loan early. This relates to lending to a body corporate, outside FCA consumer-credit regulation under Article 60B FSMA RAO 2001; the Financial Ombudsman Service and the FSCS do not apply.
See also: Can I get a statement for a custom date range?, Can I get my loan documents in large print or another format?, How do I find an old statement in my history?.