Grace Enfield, Content Writer
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Yes, you can pay off Jora Credit loans early, which is a smart idea because it will save you money on interest. Jora Credit 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 Jora Credit Personal Loan Early
- Situation: A $3,000 loan with a repayment period of 12 months, an APR of 200% and no origination fee.
- Normal Payments: You will spend approximately $4,120 on interest.
- Early Pay Off: If you pay off the loan in 8 months, you will save about $1,475 on interest.
To estimate the cost of your Jora Credit personal loan with different repayment schedules, check out WalletHub’s free personal loan calculator.
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