You can pay off personal loans quicker, either by paying extra each month or by making a lump sum payment toward the debt. However, there are a few things to keep in mind.
Most importantly is to be aware if your personal loan has a prepayment penalty, which is a fee you may have to pay if you pay your loan down faster than agreed. If you’re looking to obtain a personal loan, and think you might want to pay it off quickly, it’s a smart idea to look for lenders or online lending marketplaces, like Upstart, that don’t charge prepayment penalties on personal loans.
Are credit cards or personal loans worse for credit?
