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What exactly is a Prepayment Penalty?
ThereвЂ™s a lot of small print on a loan agreement that describes all of the nitty-gritty regarding your responsibilities, which explains why it is essential to learn your agreement at length before you to remain the dotted line. And among every detail associated with the contract to pay for awareness of, prepayment penalties can be an one that is important.
A prepayment penalty is precisely exactly exactly just what it feels like: a monetary fee that you’d be susceptible to in the event that you pay back the loan in complete ahead of the readiness date.