Can I pay off my loan early?

Modified on Tue, 08 Aug 2023 at 09:15 AM

The short answer is - yes!

When completing your loan application, you will select the loan term (24-60 months) as well as the payment frequency (weekly, bi-weekly, monthly, etc). If you'd like to put additional funds into your loan, you can make a manual payment at anytime via your online account. For more information on making a manual payment, please click here.

Making manual payments does not replace the regularly scheduled payments. Your payment amount will remain the same, but the total interest paid over the term will decrease, and the loan term will be shorter as a result.

Are there early repayment fees?

Great question! There are no fees or penalties for manual lump sum payments or early repayment. 

If you pay your loan off ahead of schedule, you will only be responsible for the interest accrued up until your loan repayment. Any payments made on your Fig loan will first cover any interest that has accrued since your last payment, and the remainder is applied to the principal balance of the loan. 

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