Many institutions offer short term loans that have higher monthly payments but tend to also offer lower interest. Even if your financial institution doesn’t offer lower interest, the sooner you pay back the loan the less you pay overall. That’s because interest is based on your average daily, monthly, or annual balance, depending on the terms of your loan agreement.
Occasionally, a lender will penalize you for paying off a loan early. Most lenders, however, are happy to receive repayment in full before the final due date. Keep this in mind when you apply for loans and check in advance, especially if there’s a chance you will pay yours off early.
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