Can you pay off a Xact loan early? This question is about Xact

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.

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Can you pay off a Xact loan early?

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Grace Enfield, Content Writer

@grace_enfield • 08/23/22 This answer was first published on 08/23/22. For the most current information about a financial product, you should always check and confirm accuracy with the offering financial institution. Editorial and user-generated content is not provided, reviewed or endorsed by any company.

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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.

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How can I get a $1,500 loan?

The best way to get a $1,500 loan is to take out a personal loan from Navy Federal Credit Union, PNC, or Laurel Road. These lenders offer personal loans of $250 to $50,000, with APRs as low as 7.49%, depending on an applicant’s creditworthiness.

How to Get a $1,500 Loan in 6 Steps

Check your credit score.
Check for personal loan pre-qualification to see your approval odds and potential rates.
Compare...

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What credit score do I need for a $1,500 personal loan?

You will likely need a credit score of at least 580 for a $1,500 personal loan. Most lenders that offer personal loans of $1,500 or more require bad credit or better for approval, along with enough income to afford the monthly payments. Other common loan requirements include being at least 18 years old; being a U.S. citizen, permanent resident or visa holder; and having a valid bank account.

Credit Score Required by Lenders That...

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What is a good interest rate on a personal loan?

A good interest rate on a personal loan is 5.99% to 9%. The average APR for a two-year personal loan from a bank is 9.87, according to the Federal Reserve, and the best personal loans have APRs as low as 5.99% for the most creditworthy borrowers. The rates you get will depend heavily on your credit, income, debt and other financial factors.

The best way to get a decent interest rate on a personal...

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