Yes, you can pay off Wells Fargo personal loans early, which is a smart idea because it will save you money on interest. Wells Fargo 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 Wells Fargo Personal Loan Early
Situation: A $10,000 loan with a repayment period of 4 years, an APR of 18% and an origination fee of 0%.
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.
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