Grace Enfield, Content Writer
Permalink Report Abuse
Yes, you can pay off Xact loans early, which is a smart idea because it will save you money on interest. Xact does not charge a prepayment penalty, meaning that you will not be charged extra if you pay off the loan sooner than you’re required to.
Example of How Much You Can Save By Paying Off a Xact Personal Loan Early
- Situation: A $1.500 loan with a repayment period of 18 months, an APR of 157.42% and no origination fee.
- Normal Payments: You will spend approximately $2,466.21 on interest.
- Early Pay Off: If you pay off the loan in 12 months, you will save about $908.22 on interest.
To estimate the cost of your Xact personal loan with different repayment schedules, check out WalletHub’s free personal loan calculator.
People also ask
WalletHub Answers is a free service that helps consumers access financial information. Information on WalletHub Answers is provided “as is” and should not be considered financial, legal or investment advice. WalletHub is not a financial advisor, law firm, “lawyer referral service,” or a substitute for a financial advisor, attorney, or law firm. You may want to hire a professional before making any decision. WalletHub does not endorse any particular contributors and cannot guarantee the quality or reliability of any information posted. The helpfulness of a financial advisor's answer is not indicative of future advisor performance.
WalletHub members have a wealth of knowledge to share, and we encourage everyone to do so while respecting our content guidelines. This question was posted by WalletHub. Please keep in mind that editorial and user-generated content on this page is not reviewed or otherwise endorsed by any financial institution. In addition, it is not a financial institution’s responsibility to ensure all posts and questions are answered.
Ad Disclosure: Certain offers that appear on this site originate from paying advertisers, and this will be noted on an offer’s details page using the designation "Sponsored", where applicable. Advertising may impact how and where products appear on this site (including, for example, the order in which they appear). At WalletHub we try to present a wide array of offers, but our offers do not represent all financial services companies or products.
Did we answer your question?