Finder makes money from featured partners, but editorial opinions are our own. Advertiser disclosure

Can you repay your short term loan early?

Find short term lenders that will let you repay your loan early and save.

If you know you’ll be in a position to repay your short term loan off ahead of schedule, great! Repaying early can save you money in fees and make your budget easier to manage. Not all lenders have the same rules in place when it comes to repaying your loan early, so if you’re planning to do so, it’s important to ask ahead of time if there are any restrictions on early pay-off.

What to look for when comparing short term loan lenders

If you know ahead of time that you’ll be able to pay back the loan quicker than the term offered, you’ll want to check to see if you will be able to pay off, or settle, the loan amount early without penalties. If it isn’t immediately apparent when looking over loan terms, be sure to contact the lender and ask specifically. Always double-check the contract before you sign/agree to the terms.
How short term loans work

What you need to do to repay your loan early

When you’re ready to repay your short term loan ahead of schedule, make sure you do the following:

  • Check your loan contract

Your loan contract will establish any fees or penalties you might have to pay as well as any stipulations regarding early repayment of your loan. It’s best to be aware of these before you get in touch with your lender.

  • Contact your lender

The contact information for your lender will be listed on any correspondence, as well as on the lender’s site. You can usually contact lenders by email or phone, and some also offer online chat.
Ask how you are able to repay your loan early, what fees apply and if any savings or discounts are available. You should also ask how quickly you can settle the loan, because the more quickly it can be settled the more you can save.

  • Pay out your loan

Follow the instructions given to you by the lender to ensure the loan is paid out correctly. After you pay the loan out, make sure you can see the account is closed to avoid mistaken charges.

Compare short-term loans and other alternatives

Here are some products that you can apply to. Note that the max loan amount is based on the service’s max amount and your state of residence.

1 - 0 of 0
Name Product Filter Values Loan amount Turnaround time Requirements
Chime SpotMe®
Not rated yet
Chime SpotMe®
Up to $200
Same day
Single qualifying $200 direct deposit into Chime checking account in the last 34 days.
Access fee-free overdrafts up to $200 when eligible. Plus get your paycheck up to 2 days early with direct deposit. See Chime terms and conditions.
Smart Advances
Not rated yet
Smart Advances
$100 to $20,000
As soon as one business day after loan closing
Have a regular income, 18+ years old, be a U.S. citizen with a valid SSN, have an open bank account, meet any additional requirements your lender may have
Smart Advances was designed to help you request the loan you need, for any reason.
EarnIn
Not rated yet
EarnIn
Get up to $100 per day or $750 per pay period.
1 to 2 business days, or in minutes with Lightning Speed.
Direct deposit sent to a checking account, a regular pay schedule, a fixed work location or an online timekeeping system at work
No mandatory fees, no interest, and no credit checks. Subject to EarnIn terms & conditions
Cleo
Not rated yet
Cleo
$20 to $250
3 to 4 days standard transfer. Same day with $3.99 express fee.
Not stated
Automatically monitor your spending plus access cash advances up to $100 at a time.
Albert
Not rated yet
Albert
Up to $250
2–3 business days or instant for a fee
Checking account 2+ months old receiving direct deposit, 2+ months working for the same employer, positive account balance, most recent paycheck was on-time, funds still available in bank account 24 hours after most recent payday.
Get up to $250 overdraft protection if you sign up for Albert's banking app.
Brigit
Not rated yet
Brigit
Up to $250
1 to 3 business days or instant with a fee of $0.99 to $3.99, or a $9.99/mo. subscription with small fee, or free with $14.99/mo. subscription.
Bank account must have at least 60 days of activity, Balance must be above $0 and have an average minimum balance on pay day
Have up to $250 automatically deposited into your account — for a $9.99 membership fee.
LendYou Short-term Loans
Finder Rating: 2.5 / 5: ★★★★★
LendYou Short-term Loans
Up to $1,000 for payday loans and up to $5,000 for installment loans
1 business day
$1,000+ monthly income, direct deposit, US citizen or permanent resident, ages 18+
Get offers from potential lenders in minutes by filling out just one online form.
Fast5kLoans Short-term Loans Connection Service
Finder Rating: 3.5 / 5: ★★★★★
Fast5kLoans Short-term Loans Connection Service
$100 to $35,000
As soon as the next business day
Regular source of income, Verifiable bank account, US citizen, Ages 18+
Get connected with multiple lenders you might qualify with — even if you have bad credit.
loading

A selection of lender connection services you can apply with

These lender connection services are not lenders, loan brokers or agents for any lender or loan broker. They also do not make credit decisions. They focus on trying to connect you with a lender that might be able to provide you the funds you seek. Note that the max loan amount is based on the providers’ max amount, but it will vary based on your state of residence. If you proceed with one of these services, confirm that the lender is reputable by checking with your local government.

1 - 0 of 0
Name Product Filter Values Loan amount Turnaround time Requirements
Max Cash Title Loans
Up to $50,000
Same business day to 1 business days
Must be a US citizen or permanent resident, 18 or older with a regular source of income.
With a quick online application, Max Cash could help connect you with a lender, finding you options in minutes.
LoanMart Car Title Loans
$2,500 to $50,000
1 business day
Resident of an eligible state, car title in your name, proof of income, valid state ID
A LoanMart auto title loan allows you to borrow money against your car, even if you have bad credit.
EarnIn
Not rated yet
EarnIn
Get up to $100 per day or $750 per pay period.
1 to 2 business days, or in minutes with Lightning Speed.
Direct deposit sent to a checking account, a regular pay schedule, a fixed work location or an online timekeeping system at work
No mandatory fees, no interest, and no credit checks. Subject to EarnIn terms & conditions
Cleo
Not rated yet
Cleo
$20 to $250
3 to 4 days standard transfer. Same day with $3.99 express fee.
Not stated
Automatically monitor your spending plus access cash advances up to $100 at a time.
Albert
Not rated yet
Albert
Up to $250
2–3 business days or instant for a fee
Checking account 2+ months old receiving direct deposit, 2+ months working for the same employer, positive account balance, most recent paycheck was on-time, funds still available in bank account 24 hours after most recent payday.
Get up to $250 overdraft protection if you sign up for Albert's banking app.
loading

More guides on Finder

Ask an Expert

Finder.com provides guides and information on a range of products and services. Because our content is not financial advice, we suggest talking with a professional before you make any decision.

By submitting your comment or question, you agree to our Privacy and Cookies Policy and finder.com Terms of Use.

Questions and responses on finder.com are not provided, paid for or otherwise endorsed by any bank or brand. These banks and brands are not responsible for ensuring that comments are answered or accurate.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.
Go to site