Title: Pay off your personal loan early to save money | finder.com
Headings: Can you pay off your personal loan early?
Can you pay off your personal loan early?
You might be able to save on interest — but beware of prepayment penalties.
What are the benefits of paying off a personal loan early?
Watch out for prepayment penalties
3 lenders that offer personal loans with no prepayment penalty
Compare more lenders
8 tips to pay off a personal loan faster
Are there penalties for paying off my loan early?
Prepayment penalties
Precomputed or add-on interest
When should I avoid paying off my loan early?
Will paying off a loan early hurt my credit score?
Case study: Vincent compares his loan prepayment options
Looking for another loan? Consider these options
Reveal your potential loan offers and rates
Finally, select where you live.
Compare up to 4 providers
Bottom line
Frequently asked questions
If I pay off my personal loan early, do I pay less interest?
Can I get charged a fee for making extra payments?
Will my monthly payment be reduced if I make a partial payment?
What can I expect to pay if my lender charges prepayment fees?
How do I find out the details of my personal loan?
Where can I find a fast loan to pay off my bills?
Aliyyah Camp
Ask an Expert

Content: Paying off your debt could remove a weight from your shoulders, but it might not be the best choice. There are times when sticking it through to the end is beneficial. Your lender charges a high early repayment penalty. Calculate the amount of money you’d save on interest against the prepayment penalty your lender charges. If it’s more than you’d save – or means you won’t save a lot – you may not want to pay off your loan early. You don’t have a long credit history. Debt can be beneficial to new borrowers and those with less-than-perfect credit. Making regular monthly payments can help build your credit, which could score you lower rates on future debt. You could add to your savings. Rather than paying off your loan early – especially if the monthly payments are affordable – you could place money into a savings account.