Tag Archives: interest costs

How to calculate loan interest

When you borrow money, the lender will ask you to repay those funds over time. But banks expect to be paid something in exchange for their services and the risk they take when lending you money. That means you won’t just pay back the money you borrowed. You’ll pay back the loan plus an additional sum, known as interest…

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Can I pay off a personal loan early?

Perhaps you’ve gotten a raise or a bonus, and you want to pay off the remaining balance on a personal loan. Is that possible? The short answer is “yes” and, in many cases, it can be a wise decision.

After all, when you get extra cash, it can often be beneficial to pay off debt. But, if there’s a prepayment penalty, then this loan payoff…

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