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When banks offer you a fixed rate loan, often, it comes with restrictions. You may not be allowed to make extra repayments on your loan. If you are allowed, you may also be up for additional fees.
There are many names for these fees including an economic cost fee, early repayment adjustment, or exit fee to name a few. These fees can add up and become quite expensive. They increase the amount of money that you need to come up with to close the loan.
Luckily, we have a better solution for you. We do not charge you a thing to close your loan early. In fact, encourage you to get ahead on your loan and saving on paying interest. For more information see this FAQ on how interest is calculated on the MoneyPlace loan.