Paying off a loan early
Does paying off a loan early hurt my credit? While paying off a loan early won't have much of an impact on your credit, late payment can cause serious damage. If you are more than 30 days late with your payment, your credit score can drop by about 30 points.
What happens if you pay off a personal loan early?
Early repayment of the loan is highly recommended as it shortens the term of the loan. Each time you repay the loan early, the amount repaid will be deducted from the principal outstanding, reducing the interest charged by the bank. This in turn shortens the maturity of the loan, but the EMI remains unchanged.
Are there penalties if I pay my loan back early?
Penalties for early repayment With early repayment (or relocation), you pay off your debt before the law requires it. Many banks and lenders impose penalties for early loans. There is no standard number, but the average percentage is around 12 months.
Do you save money if you pay off loans early?
Reducing your debt early can save you money, but you may have good reason to take an alternative approach. The best reason to pay off debt early is to save money and stop paying interest. Paying interest does not give you more than time.
What is the best loan for poor credit?
Ditech home loan. Ditech can be considered one of the best mortgage lenders with a bad credit history, including your FHA banking options. Ditech offers FHA home loans for customers with less than ideal credit scores, including options that require only a down payment of interest. The current interest rate for a 30-year mortgage is 4 percent.
How to get a loan with bad credit?
- Check your credit report. Keep a copy of your credit report and check your credit history.
- Make a financial plan. Before applying for a loan, it is important to prepare a budget that takes into account your basic needs such as food, housing, etc.
- If possible, prior permission should be obtained.
- Don't lower your hat.
- Pay off the loan.
What is a bad credit loan?
Bad credit is a loan made to a person with bad credit who is likely to be refused more traditional loans. These types of loans can be unsecured short-term loans such as B. Payday loans or bad credit car loans. In most cases, poor credit conditions are not beneficial to the borrower.
Does paying off a loan early hurt my credit 2019
While loan prepayment won't affect your score, although some lenders charge penalties for early repayments, it doesn't necessarily maximize the positive effect the installment loan can have on your creditworthiness.
Does paying off your car loan early hurt your credit score?
In some cases, early payment of a car loan can have a negative impact on your creditworthiness. Paying off your car loan early can affect your credit score as positive open accounts have a greater impact on your credit score than closed ones, but there are other factors to consider.
Does paying off student loans early affect your credit score?
If you choose to cancel your student loan early, it should not negatively affect your creditworthiness or reputation. However, if you leave your student loan open and pay monthly under certain conditions, you show lenders that you are responsible and that you can successfully manage monthly payments and improve your credit score.
Does paying off an installment loan early help or hurt your credit?
Paying off your loan early in installments will not improve your creditworthiness. It also doesn't necessarily reduce your performance. However, if you keep the installment loan for the entire term of the loan, you can keep your credit. Credit cards or installment loans.
Does paying off a loan build credit or hurt credit?
Will paying off the loan help increase it? Payment of the agreed installment loan results in a loan. One reason for this is that 35% of your credit is based on one-time payments. And if you pay off your installment loan on time for five years or more, that's a good sign of your creditworthiness.
What happens when you pay off a personal loan early?
If you pay off your personal loan before the loan term, your credit report will reflect the shorter term on the account. The length of your credit history is 15% of your FICO score and is calculated as the average age of all your accounts. In general, the longer your credit history, the higher your credit rating.
How does paying off your car debt early hurt your credit?
How Paying Off Early Car Debt Can Affect Your Credit Score. Both revolving loans (such as credit cards that keep track of balances) and installment loans (loans with a fixed monthly payment) can improve your credit balance, which can help improve your credit score.
Should I pay off my car loan or keep it open?
When trying to get a loan or improve your credit, keeping the car loan can be more rewarding than paying it off. For example, if your credit history is low (i.e. you have few credit accounts), a car loan will be added to your account numbers, helping you improve your credit score.
What is the formula for calculating a loan payoff?
B = L / , where: B = debt ($) L = total loan amount ($) c = interest rate (annual rate / 12) n = total payments (years x 12 for monthly payments) p = number of payments to date.
How do you calculate a loan payoff?
Performing calculations Define the formula carefully. Enter your numbers. Add your numbers. Remove from the living room. Divide, multiply and conquer.
How to calculate a loan payoff?
- Understand why your mortgage payment doesn't match your current balance.
- Gather the information you need to perform your calculations. To determine the winning amount using a calculator or alone, you need to know the pen.
- If you don't want to train your math muscles, consider online calculators. The calculations aren't that complicated, but typing in a few numbers and clicking Calculate is definitely easier.
- Contact your mortgage lender to make the final payment.
How to pay off mortgage faster calculator?
One way to pay off your mortgage early is to add an extra amount to your monthly payments. But how much do you still have to pay? The NerdWallets Mortgage Prepayment Calculator will calculate it for you. Fill in the fields with information about your mortgage loan and indicate in how many years you want to repay it.
Does paying off a loan early hurt your credit
Paying in advance for a personal loan (or any other loan) affects your credit score. Creditworthiness can change daily as money is added to or subtracted from your debts and loans. While prepaying a personal loan can lower your credit score, this drop is usually temporary.
Will paying off my car loan early hurt my credit score?
Ironically, a prepaid car loan can easily lower your credit rating because open bills received on time have a greater impact on your account than closed ones. Open accounts show how well you are managing your credit now, not what happened in the past.
Does paying off a loan early hurt my credit card
The short answer is no. “Paying off your credit card debt (revolving loan), mortgage, or car loan (installment loan) early won't necessarily affect your immediate credit situation.
Does paying off non-credit card debt early hurt your credit score?
Unfortunately, prepaying non-credit card debt can lower your credit rating based on your scoring models. When it comes to credit scores, there is a big difference between revolving accounts (such as credit cards) and term accounts (such as mortgages or student loans).
Is it bad to pay off your car loan early?
To pay early or not to pay. a difficult task. Ironically, a prepaid car loan can easily lower your credit rating because open bills received on time have a greater impact on your account than closed ones.
What happens when you pay off an installment loan early?
This account will be closed when you have paid your balance in full. While paying off the loan early won't affect your score, although some lenders charge penalties for early repayments, it won't necessarily maximize the positive impact of the installment loan on your creditworthiness.
What are the penalties for paying off student loans early?
There is no penalty for early repayment of student loans. If you choose to cancel your student loan early, it should not negatively affect your creditworthiness or reputation.
Does it make sense to pay off personal loans early?
If you repay your loan early, you increase your payment and you are more likely to be approved for a new loan on favorable terms. Your creditworthiness can also improve if you pay off your debts. Part of your credit score depends on how much you currently borrow compared to the maximum amount you could borrow.
Should you repay your personal loan early?
If you are looking to own a home and need a mortgage to do so, consider paying off your personal loan early. This is especially true if your total debt service ratio (TDSR) is too high. Your TDSR is a measure of the amount of income used to pay off debt.
What happens if you pay off a personal loan early payoff calculator
By paying off your personal loan early, you can save money by limiting the financing costs you have to pay. To calculate the prepayment, you need to know the balance and the interest. You can use the loan calculator to determine the repayment amount. By paying off the personal loan early, the repayment term can be significantly shortened.
How long do you have to pay off a personal loan?
The term of loans to private individuals usually ranges from one to five years. When you take out a five-year loan, your monthly payments are relatively small, but the interest paid over time is relatively high compared to a short-term loan.
Should you pay off a personal loan early?
It also makes sense to pay off personal loans ahead of schedule, if possible. Not all loans to individuals can be repaid earlier than planned, depending on the terms of the loan. However, if you can, spend extra money on this debt to reduce and pay it off.
How long to pay off loan calculator?
The loan amortization calculator displays three results: Month to maturity: 81 months. Years of payment - years. Interest Paid - $2,555.
What happens if you pay off a personal loan early settlement calculator malaysia
Based on the numbers you entered into the prepayment calculator, if you continue to make monthly payments, you will pay off your loan in a few months faster than if you just paid the standard monthly payment by dividing the total amount. to lower the interest rate on the loan. what you save the most is your interest payments.
How much is the early settlement fee in Malaysia?
Prepayment Commission: o 1% of the outstanding loan balance, whichever is the greater, will be charged if the prepayment is made in full within the lock-in period of 6 months from the date of the commitment. Notification Period: Not disclosed. Discounts: Valid in accordance with Rule 78.
Why do Malaysians make early settlement for car loans?
Car loans are one of the most common types of loans among Malaysians. After paying interest for several years, some people can make a down payment to pay off their entire car loan. Much of the motivation to settle down early comes down to avoiding interest at a later date.
Can I settle my loan early without penalty?
It's not impossible. You can only opt for early processing during the lockdown period, which incurs almost processing costs. If there is no lock-in period, you can repay the loan without penalty. What is the total and final settlement?
How does this early loan payoff calculator work?
This loan prepayment calculator will help you quickly calculate the time and interest savings (repayment) you get from making additional payments on top of your current monthly payment.
What happens if you pay off a personal loan early hurt credit
By paying off your loan early, you can save interest, but not improve your creditworthiness. The type of loan you have will also affect your score. A loan mix that includes both term and revolving accounts typically outperforms loans of the same type.
What happens if I pay off my car loan early?
When you pay off your car loan and close your account, your Available Funds suddenly drop as the percentage of Available Funds you use (loan utilization rate) increases. This can negatively affect part of your creditworthiness.
What happens if you pay off a personal loan early wells fargo
If you pay more than the total amount due on or before the due date, the excess amount will be repaid from your principal and used towards the next payment due. You can make a prepayment into your account up to three months in advance. Once the invoice is paid three months in advance, the extra money goes to the customer only.
What are the penalties for paying off a personal loan early?
Some personal loans come with a prepayment penalty. If you repay the loan early, you will have to pay a commission. The early repayment penalties significantly reduce the savings resulting from the early repayment of the loan. Compare your early repayment penalties with what you could save if you repaid the loan early.
Does Wells Fargo charge late fees for personal loans?
Fees: Wells Fargo will charge a $39 late payment penalty for late payments of more than 10 days. There is no commission for commitment or prepayment. Loan Amounts and Terms: Wells Fargo offers private loans ranging from $3,000 to $100,000.
How do I pay off a Wells Fargo auto loan overnight?
Send your refund the next day to: Lockbox Services 17900 Wells Fargo Auto MAC C7301L25 1740 Broadway St - LL2 Denver, CO 80274 Pay your loan by wire transfer. Use the details below to make a wire transfer and enter your 10-digit bank account number. Otherwise, processing may be delayed. Bank Name: Wells Fargo Bank.
Is it risky to pay off your mortgage early?
In general, this strategy is considered risky and strongly discouraged. You may face early repayment penalties. Check your mortgage details for "early repayment penalties" or "early repayment disclosures.".
What happens if you pay off a personal loan early help credit
In most cases, paying off a loan early can save you money, but first make sure that early repayment penalties, prepaid interest, or tax problems don't negate that benefit. The main focus should be on paying off high interest credit cards and personal loans. This will save you money and almost always improve your credit score.
Does paying off a car loan early save money?
Eliminating car loans will not only improve your credit score, but you will have more money in your pocket each month to spend on savings or other debt you may have. However, sometimes you won't save money if you prepay for a car loan.
What happens if you pay off a personal loan early effect on credit
If you pay off your personal loans early, you can lose months (or even years) of positive payment history. At the same time, the credit ages of all your accounts and maintaining a well-managed credit mix, such as credit cards, student loans or car loans, among many others, will also affect your score.
Does paying off a personal loan early hurt your credit score?
At the same time, the age of credit on all your accounts and maintaining a well-managed credit mix, such as credit cards, student loans or car loans, among many others, will also affect your score. By taking these important steps into account, early repayment of a personal loan can lead to a temporary reduction in your creditworthiness.
Can I pay off my loan early?
Another case where you may want to repay your loan earlier is with a revolving credit. With revolving credit accounts such as credit cards and lines of credit, you can keep money in your account every month as long as the minimum payments are made on time.
What happens when you pay off a personal loan?
When you repay a personal loan, the composition and history of your loan changes and the results can affect your loan objectives. A personal loan appears on your credit report as an installment credit that includes a specific loan amount and payment schedule.
What happens if I pay off my loan early?
According to the Consumer Loans Regulation of 2004, lenders can charge you up to 2 months extra interest if you decide to repay the loan early. Many lenders will open with you and call you ERC, but others will not. Therefore, before paying off the loan early, it is advisable to check with your lender for additional fees.
Will I have to pay a fee for paying off my loan?
The presence of a prepayment commission before or after obtaining a loan is proof of your loan agreement. The contract lays down the conditions that the borrower and the lender must meet. You must indicate what happens if you decide to repay the loan early.
What is the average penalty for repaying a loan early?
Many banks and lenders impose penalties for early loans. There is no standard number, but the average percentage is around 12 months. To solve this problem, you can use an online interest calculator.
What are the tax implications of paying off student loans early?
Some loans, such as student loans and government mortgages, offer tax benefits that would be lost if they were paid off early. The interest paid on these loans may be tax-deductible and the borrower should discuss the tax implications with their tax advisor before repaying this type of loan.
Is there a penalty for paying off a personal loan early?
Believe it or not, there may be a penalty for paying off the loan early. You would think that the lender would want your money back sooner, but this is not always the case. Some banks and financial institutions charge a commission to borrowers who prepay their personal loans.
Can I be charged a penalty for paying off my mortgage?
Can I pay a penalty for early repayment of a mortgage? Whether you have to pay a prepayment penalty depends on the type of mortgage and the specific terms of your mortgage. Some loans have early repayment penalties in the first few years of the loan.
How can I avoid a prepayment penalty on my loan?
The best way to avoid the prepayment penalty is to work with a lender who does not charge a fee. At LendingClub, for example, you can make additional repayments at any time or repay the loan in full at no extra cost. 3. Does the prepayment of my personal loan affect my creditworthiness?
Do I have to pay charges if I pay off early?
If you repay a loan at a fixed interest rate early, you may incur costs. There is no commission for the early repayment of a floating rate loan. The type of loan you have or want to cancel is indicated in the contract documents that will be sent to you.
Are there penalties if i pay my loan back early to pay
However, some lenders may charge a penalty for paying off the loan early. The prepayment penalty can be calculated as a percentage of the loan balance or as an amount that indicates how much the lender will lose in interest if it pays off the balance before the loan expires.
Can I be charged a penalty for paying off my mortgage early?
Whether you have to pay a prepayment penalty depends on the type of mortgage and the specific terms of your mortgage. Some loans have early repayment penalties in the first few years of the loan.
Can I negotiate down the prepayment penalty on a loan?
Yes, you can try to negotiate, but the best way to avoid the costs altogether is to switch to another loan or lender. Since not all lenders charge the same early repayment penalties, it is important to get quotes from different lenders to find the best loan for you.
Is there a penalty for paying off an SBA loan early?
The SBA early repayment penalty only applies if you choose to repay the loan within the first three years of receiving the borrowed money. So if you can afford to default on your SBA loan early (that is, within three years), you can avoid penalties.
Pay my loan citizens one
Call 1-800-2346002 Option 2 to pay by phone. Fees may apply. Make your check payable through Citizens One Home Loans and include your monthly payment coupon. You may be charged for various transactions and service requests. Click here for an overview of the most common service costs. Take a tour for more information.
What is the phone number for citizens one loan?
Mortgage. Citizens One Home LoansTM Customer Service. 18885142300 in getting a new mortgage. 18002346002 if you have questions about an existing mortgage.
How long will it take to pay off my loan?
Depending on the year in which you took out the loan, you simply pay it back in 25, 30 or 65 years.
Are Citizens Bank personal loans any good?
We recommend an individual loan from Bürgerbank as a good option if you have good or very good credit, especially if you are already a customer of the bank. As a drawback, they found there are restrictions on the use of funds that you cannot use as part of a Citizens Bank personal loan for home improvement, education or business purposes.
Does citizens accept online payments?
Citizens are offered various convenient payment options. Citizens accept online payments from checking and savings accounts. Payments by debit card, credit card and electronic check conversion are currently not available. For online payments you need a valid email address. Online payment is possible via: your agent.
Are there penalties if i pay my loan back early social security
Social Security Penalty for Early Retirement There is no technical penalty for early termination because you simply cannot receive Social Security benefits until you turn 62. However, the sooner you withdraw money, the lower your monthly payments will be.
What are the penalties for early withdrawal of Social Security benefits?
Here are some penalties that apply to Social Security income that you should be aware of. Technically, there's no early termination penalty here, because you simply won't be able to receive Social Security benefits until you turn 62.
What happens to my Social Security benefits if I retire early?
Starting benefits after reaching normal retirement age can lead to higher benefits. With a late pension increase, a person may benefit more if he retires at age 70. In the event of early retirement, the amount of the benefit is reduced by 5/9 of one percent per month until the normal retirement age of 36 months.
How long do you have to pay back Social Security?
You can pay Social Security benefits within 12 months of your application and start over at a later date. Here are some situations where this can be helpful.
How can I submit my payment to citizens?
- If possible, please include a proof of payment with the payment.
- Write your policy number in the Notes/Notes section or on your check.
- The serial number, routing number, and bank account number (MICR line) must be printed at the bottom of the check.
- Checks issued to banks outside the United States must have a MICR line and
Can a Bank refuse my payment?
No bank can refuse to pay a mortgage if all payments are on time, but late payments can lead to foreclosure. If foreclosure is possible, a monthly payment won't stop it.
Will my bank give me a personal loan?
Your bank may offer both secured and unsecured personal loans, but depending on your credit situation, you may not qualify for an unsecured option. This means that you may need to provide collateral to secure a loan, a savings account, or part of your property, such as your home.
Are there penalties if i pay my loan back early to file taxes
If you can't repay the loan, the remaining amount (after deducting non-deductible contributions) is treated as a taxable distribution and credited to the 1099R. If you are also under 59 1/2 years old, you will pay a 10% early distribution penalty. If you are affected by COVID19, the prepayment penalty may not apply.
What is the tax penalty for early withdrawal from 401k?
Tax penalty for early withdrawal The tax penalty for early withdrawal from your pension fund is 10% of your income. You must pay this fine in addition to your regular income tax.
Do you have to pay taxes on early IRA withdrawals?
Withdrawals from an IRA are considered early, before you reach age 59½ unless you qualify for another tax benefit. The retirement loan must be repaid to the borrower's retirement account as scheduled. The money is not taxed if the loan meets the rules and the payment schedule is adhered to.
How do you pay off a mortgage early?
Prepaid Mortgage Options Refinance with a short-term mortgage. Pay more every month. Pay the extra mortgage payments every year. Put the money "found" in the mortgage.
How many years remaining on my mortgage?
Once the foreclosure is complete, your mortgage lender reports the foreclosure to three major credit bureaus. This foreclosure will remain on your credit report for seven years and can only be changed after certain corrections are made.
How to pay off your mortgage early?
- Make additional payments. The first is to split your monthly mortgage payment in half and pay it every two weeks instead.
- Transfer your mortgage. Transferring your mortgage for a faster payment only makes sense if you get a lower interest rate.
- Increase your mortgage again. A mortgage reform differs from refinancing in that you keep your existing loan, pay a lump sum against the principal, and then have your lender adjust the amortization.
- Make lump sum payments on your principal. An alternative to a major renovation is to pay a lump sum on the principal if possible.
How do you calculate mortgage payoff amount?
Once you have received the outstanding balance, you can start calculating the amount earned. Take the annual interest rate and divide it by 360 days multiplied by the number of days from the last payment received to the due date multiplied by the balance.
Do you save money if you pay off loans early calculator
By paying off your personal loan early, you can save money by limiting the financing costs you have to pay. To calculate the prepayment, you need to know the balance and the interest. You can use the loan calculator to determine the repayment amount.
How much can you save by paying off student loans early?
Let's say you have $35,000 student loans with $360 monthly interest payments and a 10-year installment plan. By paying an additional $325 principal each month, you'll save over $4,688 in interest and pay off your student loans years earlier! Do you want to refinance a student loan?
Should you pay off your loan early or not?
The moral of the story is that paying off a loan or other form of debt early is always a great way to save the amount you pay in interest and shorten the overall term of the loan. This extra money can be used to meet other immediate or long-term needs.
What are the benefits of paying off your mortgage early?
Here are some of the main benefits: Saves money. By paying off your mortgage, you remove the interest burden. This lowers your monthly expenses and lowers the total value of your home. There is no better interest than mortgage interest deduction.
How do you calculate early mortgage payoff?
How to calculate the mortgage prepayment. Decide how quickly you want to pay off the loan and how many monthly payments it includes. For example, if you want to pay it back in 15 years instead of 30, 15 out of 12 payments will be 180 payments.
How soon can I pay off my mortgage calculator?
Based on the example above, adding $50 to your monthly payment can pay off your loan over the years. This saves you a total of € 14 in interest payments. If you add $100 to your monthly bill in the meantime, you can pay off your mortgage in 25 years. Save $28 in interest charges worldwide.
How to pay off my mortgage faster calculator?
- Pay off extra mortgage. To pay off your mortgage faster, consider spending the extra money on your mortgage.
- Keep track of payments when your mortgage changes. When you renew your mortgage, you can get a lower interest rate.
- Opt for accelerated repayment of the mortgage.
What are the pros and cons of paying off a loan early?
Advantages and disadvantages of early repayment of a loan Advantages: Early repayment of a loan can save you money. 2 benefits: it can improve your credit profile. 3 benefits: You are debt free. 4 Disadvantages: You Can Lose Investments To Replace Your Debt. 5 Against: Can be penalized.
What happens when you pay off your student loans early?
If you repay your loan early, you increase your payment and you are more likely to be approved for a new loan on favorable terms. 1 Your creditworthiness can also improve as you pay off your debts. Part of your credit score depends on how much you currently borrow compared to the maximum amount you could borrow.
Should I pay off my mortgage early to save money?
Save money by paying off loans. The best reason to pay off debt early is to save money and stop paying interest. Paying interest gives you nothing more than the ability to pay off slowly. Your home will not grow if you pay interest on your mortgage and you will not get your interest back if you sell it.
How can I pay off my personal loan early?
At LendingClub you can always pay your personal loan in advance or up to an amount that exceeds your specified monthly amount, without penalties or early repayment costs. Any payments you make in addition to your regular monthly payment will help reduce your loan amount.
Does paying off a loan early help credit score
Paying off your loan early in installments will not improve your creditworthiness. It also doesn't necessarily reduce your performance. However, if you leave the loan in installments for the entire term of the loan, your creditworthiness can be preserved.
What does my credit score need to be to get approved for a mortgage?
To qualify for an FHA-insured mortgage, also known as a regular mortgage, you generally need a credit score of around 680 (usually, the credit ratings used by mortgage lenders to approve a home loan are in the range from 300 to 850.).
What is the minimum score for Quicken Loans?
Since these are government-guaranteed loans, Quicken Loans only requires a minimum credit rating of 580 for approval, although you must meet the above requirements in terms of income, credit history, etc.
What FICO score do you need to get a mortgage?
A credit rating of 580 is generally considered the minimum acceptable credit rating. At this level, the borrower must qualify for a revolving loan from the Federal Housing Administration. However, you must have a minimum credit rating of 620 to qualify for this type of mortgage.
Is there a penalty for paying off a loan early
If you repay the loan early, you may be charged a percentage of the remaining amount. The longer the loan, the lower the fine. This type of penalty is not legal in all states or on all loans and must be stated in the loan details. Rule 78 lenders may also try to hide prepayment penalties.
What is the penalty for paying off a mortgage early?
The early repayment penalty will most likely be included in your mortgage contract. Partial prepayments are generally allowed up to 20% of the loan balance per year without the usual early repayment penalty. Lenders often apply mortgage prepayment penalties to subprime loans.
Should you pay off your mortgage early?
- outgoing. If you plan to retire or retire (early) within five years, you may want to consider a prepaid mortgage.
- You are risk averse. By paying off your mortgage, you guarantee a return equal to the interest on the mortgage.
- Little time.
- You own the house.
- peace of mind.
What happens when you pay off your mortgage?
If a person dies before the mortgage on the house is paid, the lender is still entitled to his money. Usually the property is paid for with a mortgage, the beneficiary inherits the house and pays the mortgage, or the house is sold to obtain the mortgage.
How can I pay off my mortgage early?
You can also pay your mortgage in advance by increasing your monthly amount. You can use the mortgage interest deduction calculator. Use a mortgage calculator with pmi and deductibles to calculate your monthly or bimonthly mortgage payments. Read How to Pay Off a Mortgage above for some tips to pay off your mortgage faster.
What are the benefits of paying off a loan early?
Saving money is perhaps the most obvious benefit of early loan repayment, but not the only one. This can improve your financial strength in several ways. Money once used for monthly payments can be used elsewhere, such as paying off other debts, saving, or buying things you couldn't pay before.
How to pay off your student loan early?
How to get extra money: This can be achieved by developing two habits. First, never buy things you don't need. Second, never buy anything on the go. It always saves you a lot of money by paying off the loan early.