<prompt> Human: Currently I have a small amount of debt from a loan I acquired a few years ago. This loan has roughly 1500 remaining at a 20 apr. I currently pay what I can afford which is the minimum monthly payment on this loan. I also have a decent sized emergency fund accumulated that would cover this amount but leave me with very little to no savings in the event of an emergency. My question is would it make sense to pay off the loan all at once to avoid the interest, but have no immediate backup cash or keep paying the minimum on the loan and keep growing my emergency fund? I understand that there is risk to not having any money saved, but I am also in a fairly stable place for the next year or so. Any suggestions?  <response>: A loan at 20 IS an emergency! Pay off the loan asap, you can always borrow money for that rate if you really need it. 