Can personal loans be paid off early?

A personal loan can be paid off early, but there are a few things to keep in mind. Most personal loans don’t have a prepayment penalty, like Upstart, but some do, so make sure you won’t get hit with a fee for early payment. If you’re looking to obtain a personal loan, and think you might want to pay it off early, it’s a smart idea to look for lenders that don’t charge prepayment penalties. Plus, personal loans tend to have relatively low interest rates compared with credit cards, so before you decide to pay off your personal loans early, be sure that you don’t have any higher-interest debts that should be prioritized.

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