💨 Abstract

Paying off a personal loan early can save money on interest and free up your monthly budget. Strategies include adding to monthly payments, applying lump sums, using a biweekly payment schedule, or refinancing. Each method hastens repayment and reduces interest, but consider potential prepayment penalties and impacts on your credit score. Assess your financial situation to ensure early repayment aligns with your overall goals.

Courtesy: WTOP Staff