Prepayment means paying for something before it is due or before it is expected to be paid. Full definition
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As a result of prepayment penalty fees associated with lines of credit, the homeowner is going to have to invest the money to alleviate the cost of the interest. (starloanservices.com)
Like most loans, check for any evidence of prepayment penalties if you pay off the loan earlier than planned. (policygenius.com)
Others will charge prepayment fees of as much as 5 percent. (lendedu.com)