Understanding Prepayment Penalties on Personal Loans: The Ultimate Guide

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Editor’s note: Lantern by SoFi seeks to provide content that is objective, independent and accurate. Writers are separate from our business operation and do not receive direct compensation from advertisers or partners. Read more about our Editorial Guidelines and How We Make Money.
What Is a Prepayment Penalty on a Personal Loan?
Is Charging a Prepayment Penalty on a Personal Loan Legal?
Who Determines the Prepayment Penalty on a Personal Loan?
How Is a Prepayment Penalty on a Personal Loan Calculated?
How Much Is the Prepayment Penalty on a Personal Loan?
How Do You Know if There Is a Prepayment Penalty on Your Personal Loan?
The Takeaway
Frequently Asked Questions
Photo credit: iStock/Charday Penn
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About the Author
Jason Steele has been writing about credit cards and award travel since 2008. One of the nation's leading experts in this field, he has contributed to dozens of personal finance and travel outlets and has been widely quoted in the mainstream media.
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