Can I get a personal loan and pay it back right away?

Can I get a personal loan and pay it back right away?


That depends on the terms of the loan. It will differ from lender to lender, and it will depend on the type of loan. So when you take out the loan, if you’re intending to repay it early or you think that you may need to do that, check with the lender, and check on the early repayment terms.

Sometimes, there will be an early repayment penalty. But that’s not always the case. So check out with your lender and ask them what happens if I pay it back in two weeks, tomorrow or six months? Are there any penalties?

In a lot of cases, it won’t be an issue, but you have to check.

Our free personal loan calculator will help you estimate interest rates
and monthly payments for your loan easily.

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Vlad Sherbatov

Vlad is the President and Co-Founder of Smarter Loans, Canada's original and largest loan comparison website. He is a passionate entrepreneur and business leader in the Canadian financial sector. He was selected as a 2019 Top 25 Leaders in Lending by the Canadian Lenders Association. Vlad is an author at Smarter Loans, and has been featured in publications like the Toronto Star and National Post, among others.