Grace Enfield, Content Writer
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Yes, you can pay off RISE loans early, which is a smart idea because it will save you money on interest. RISE 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 RISE Personal Loan Early
- Situation: A $2,500 loan with a repayment period of 12 months, an APR of 120% and an origination fee of 0%.
- Normal Payments: You will spend approximately $1,903 on interest.
- Early Pay Off: If you pay off the loan in 6 months, you will save about $959 on interest.
To estimate the cost of your RISE personal loan with different repayment schedules, check out WalletHub’s free personal loan calculator.
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