Grace Enfield, Content Writer
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Yes, you can pay off LoanMe loans early, which is a smart idea because it will save you money on interest. LoanMe 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 LoanMe Personal Loan Early
- Situation: A $10,000 loan with a repayment period of 4 years, an APR of 18% and an origination fee of 3%.
- Normal Payments: You will spend approximately $4,100 on interest.
- Early Pay Off: If you pay off the loan in 3 years, you will save about $1,086 on interest.
To estimate the cost of your LoanMe personal loan with different repayment schedules, check out WalletHub’s free personal loan calculator.
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