Repaying personal loans early could cost you – which?
Asked By: Therese Barrows
Date created: Mon, Jan 25, 2021 7:53 PM
Date updated: Wed, Sep 28, 2022 11:23 PM
Top best answers to the question «Repaying personal loans early could cost you – which»
Answered by Kayleigh Casper on Tue, Jan 26, 2021 9:56 PM
Early payoff penalty
Because lenders expect to get paid interest for the full term of your loan, they could charge you a fee if you make extra payments to pay your debt down quicker. The fees could equal either the remaining interest you would have owed, a percentage of your payoff balance or a flat rate.