Can personal loans be paid off early?

0 votes
asked Jun 7, 2017 in Credit by fgi (140 points)
I have a personal loan from a bank and want to pay the rest of the balance off early?

Will the bank allow me to pay the remaining balance back early or do I have to wait and continue to pay in installments until it's paid off?

1 Answer

0 votes
answered Jun 8, 2017 by Lilly21 (57,780 points)
You can pay Personal loans off early. But you will be charged a Penalty for doing so.

You'd think that the loan company would want it's money back sooner but that's not always the case.

And of course paying the loan off in monthly installments will help improve your credit. So I'd continue to pay monthly instead of paying it off sooner.

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