Title: Should You Pay Off Your SBA Loan Early? | Fora Financial Blog
Headings: Should You Pay Off Your SBA Loan Early?
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Should You Pay Off Your SBA Loan Early?
How to Determine If Your Business Should Pay Off an SBA Loan Early
Early Payoff Penalty for SBA 7 (a) Loans
Early Payoff Penalty for SBA 504 Loans
Pros of Paying Off Your SBA Loan Early
Cons of Paying Off Your SBA Loan Early
Is Paying Off an SBA Loan Early Worth It?
What If You Can’t Pay Off Your SBA Loan Early?
Conclusion: Paying Off Your SBA Loan Early May Be Beneficial
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Content: 1.2% of the total prepayment amount
8th year: 0.9% of the total prepayment amount
9th year: 0.6% of of the total prepayment amount
10th year: 0.3% of the total prepayment amount
11th year and up: 0.0% of the total prepayment amount
Pros of Paying Off Your SBA Loan Early
Although you may risk prepayment penalties, there are benefits to paying off an SBA loan early that you should consider. The greatest advantages of paying off your SBA loan program early include the following: Save on Interest Charges: If you pay off your loan early, you’ll save thousands of dollars in interest over its life. Free Up Cash Flow: Without a loan payment, you’ll be able to free up cash flow and reinvest more money in your business.