If you took out a personal loan, you may wonder when to pay it back. In general, you have two choices: follow your repayment schedule or pay it off early. Your unique circumstances will help determine which route you should pursue. To help you decide, here’s a close look at the pros and cons of paying off your personal loan ahead of schedule, and use a personal loan calculator to help.
The most noteworthy advantages of repaying your personal loan sooner than later include:
Before you pay off your personal loan early, consider these drawbacks.
At the end of the day, when you should pay off a personal loan is up to you. Before you decide what to do, think about your needs and priorities. Then, weigh the pros and cons of sticking to your repayment schedule or paying off your loan early. Best of luck with your decision!
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