Can I repay the loan early?
Yes. All loans can be repaid early without any fees or penalties. You simply have to repay the upcoming payment for the next month and the total outstanding balance of principal.
ABC Inc. received a $20,000 loan for 36 months with an interest rate of 7%. The business would pay a total of $22,231 over the 36-month term. If, after twelve months, the business repaid the loan, they would only pay back $21,203, therefore saving $1,028.