Can I repay my business loan early?

Yes. However, there could be penalties associated with early repayment, but this will be stipulated within the terms of the loan agreement.

When you pay your business loan early, a lender loses future interest income, therefore, a charge is usually attached to deter customers from paying off the loan earlier. 

Ask our vetted lenders about their repayment terms and make sure that you are aware of any possible penalties when you sign your loan agreement. 

If you find, at any point, that you would like to pay off your loan sooner, weigh the cost of any penalties against possible future savings to determine whether it is worth it.

Jul 30 - Comparewise Business Loan Banner

Read other Q&As

BlogBrandsCards
How to Bring a Small Business Online
How to Get a Grocery Store Business Loan
How to Start a Business in Canada
How to Get a Grocery Store Business Loan
CIBC
Jeeves
Smarter Loans
Clearco
Forward Funding
Kingsmen Capital Investments
Growth Street Capital
SharpShooter Funding
MBNA Rewards World Elite Mastercard
PC Financial World Elite Mastercard
Tangerine Money-Back Credit Card
Brim World Elite Mastercard

comparewise

Didn’t find an answer to your questions?

Send us your questions and we will get back to you.

Car loan?
Personal Loan?

Top deals await you just a short
application away!