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
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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?
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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
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Finder is committed to editorial independence. While we receive compensation when you click links to partners, they do not influence our content. Can you pay off your personal loan early? You might be able to save on interest — but beware of prepayment penalties. Aliyyah Camp
Updated Dec 26, 2020
Fact checked
By choosing to pay off your loan early, you can often save a good chunk of money that would’ve been wasted on interest. However, some lenders charge steep prepayment penalties that may make early payoff an expensive prospect. What are the benefits of paying off a personal loan early? There are several benefits to paying off your personal loan early: Save on interest. Beyond no longer having to budget for monthly payments, paying your loan off early will save you hundreds, sometimes thousands, of dollars in interest over the long run.