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: Peace of Mind: The less debt your business has, the greater peace of mind you’ll enjoy, especially if you often go through slow periods. Cons of Paying Off Your SBA Loan Early
As previously mentioned, paying off an SBA loan early has consequences that are worth considering. If you decide to pay off your SBA loan early, keep these drawbacks in mind: Loss of Tax Deduction: You won’t be able to deduct the interest you pay on your SBA loan if you pay if off early. Early Payoff Penalty: Depending on the math, an early payoff penalty may defeat the purpose of paying off an SBA loan early. If it’s going to cost you more money, it will only hurt your business’s finances. Lost Chance to Build Credit: