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What happens if you pay off an installment loan early​
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What happens if you pay off an installment loan early​

User Koniiiik
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When you pay off an installment loan early you will save money on interest.

The bank charges an interest rate on money that they loan out. When you pay the loan early you do not have to pay the interest on the money for the amount of time left on the loan.

User Nosa
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