Is it always smart to pay a personal loan off early?

Personal loans sometimes come with prepayment penalties, which could  eat away at any savings in interest. Here’s everything you need to know  about early payoff of a personal loan.

If you need funding, personal loans can provide you with a lump sum of money to be repaid over a set term as closed-end credit.

Understanding Personal Loans

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Definition and Purpose of Personal Loans

The difference between personal loans and other loans is that personal loans have few restrictions on their use.

Can You Pay Off a Personal Loan Early?

Borrowers may pay off a personal loan at any time. However, depending on your lender, early payoff may come with a cost.

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For example, a borrower with a 60-month repayment term may consider paying off the loan in less than 60 months.

Exploring Early Loan Repayment Options


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