Early Repayment Penalties

Can I pay back my loan early?

Being in a position to pay back your loan early may seem like a good thing; however, not all loans will allow customers to repay their loans early without charge. Early repayment often means that the loan company will miss out on interest payments so in order to compensate for this they attached fees to some loan products. If a customer feels that they may be in a position to repay their loan early then it is recommended that they search for a loan which will allow them to do so without incurring a penalty before they sign for the loan. On the other hand, finding a loan which has no early repayment penalties may mean that you pay a higher rate of APR during the loan term, so it is important to figure out the right loan for you before signing up.

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