What are the repurcussions of paying off a new loan early?

Date: Wed, 03/21/2018 - 22:53

Submitted by Hollyren
on Wed, 03/21/2018 - 22:53

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Total Replies: 5

What are the repercussions of paying off a new loan early? I have taken out the loan in November 2017. Planning to pay it off. It's a small loan.

What kind of loan is this? Is

What kind of loan is this? Is it an installment loan or a personal loan?

lrhall41

Submitted by SC on Thu, 03/22/2018 - 04:47

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Yes, there are consequences if you pay off a loan early. But what type of loan you are talking about? You said it is a small loan. Is it a personal loan?
Few loans have pre-payment penalties, so why don't you check your loan contract once...

lrhall41

Submitted by Barbara Delinsky on Fri, 03/23/2018 - 03:16

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Please come with more

Please come with more information like the type of your loan and your state.

lrhall41

Submitted by Sanders Patricia on Fri, 03/23/2018 - 05:15

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See if this is an installment

See if this is an installment loan, I would suggest you to wait. When you pay off the loan, the account will be closed, and it may hurt your FICO 8 score.

lrhall41

Submitted by SC on Sun, 03/25/2018 - 22:49

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If you have pre-payment

If you have pre-payment penalty option, then you'd have to pay a certain amount even if you repay the loan fast.

lrhall41

Submitted by Mabelle Page on Fri, 03/23/2018 - 05:07

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