What happens if you pay off your personal loan early

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What happens if you pay off your personal loan early

Maximum loan amount 20,000. This calculator is provided for illustrative purposes only and does not constitute a quote. It does not take into account your personal needs and financial circumstances. All loans are subject to suitability. Minimum loan amount 2,001. Maximum loan amount 20,000.

What happens if you pay off your personal loan early

Depending on your credit needs and desire to pay your loan off quickly, your lender may only offer you loans with an APR near the high end of the range noted above. This is an expensive form of credit. A short term loan should be used for short term financial needs only, not as a long term financial solution. Customers with credit difficulties should seek credit counseling or meet with a nonprofit financial counseling service in their community.

You are encouraged to consult your states consumer information pages to learn more about the risks involved with cash advances. State laws and regulations may be applicable to your payday loan. If you do not pay your loan according to its terms, your lender may: charge you late fees, send your account to a collection agency, report your information to a consumer reporting agency which may negatively affect your credit score, offer to renew, extend or refinance your loan, which may cause you to incur additional fees, charges and interest.

What happens if you pay off your personal loan early