What are the repurcussions of paying off a new loan early?
What kind of loan is this? Is
What kind of loan is this? Is it an installment loan or a personal loan?
Yes, there are consequences
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...
Please come with more
Please come with more information like the type of your loan and your state.
Submitted by Sanders Patricia on Fri, 03/23/2018 - 05:15
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.
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.