Do personal loans have prepayment penalties?

Personal loans sometimes have prepayment penalties. Prepayment fees aren’t common, but some personal lenders use a prepayment penalty when borrowers pay off their personal loan quicker than agreed. A prepayment fee can be a percentage of the principal that was paid early, a set dollar amount, or a certain number of months’ worth of interest. Upstart doesn’t charge any type of prepayment fees or penalties on personal loans.