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Loan prepayment is the act of paying off a loan before the agreed-upon term is completed. This can be done in one lump sum or by making additional payments on top of the required monthly payments. Prepayment can potentially save the borrower money in the long run by reducing the total amount of interest paid on the loan. However, some lenders charge fees for prepaying a loan, so it is important to weigh the potential savings against any fees before deciding to prepay. Additionally, prepaying a loan may not be the best financial decision if the borrower has other financial goals, such as saving for retirement or building an emergency fund.
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