Should you pay off a personal loan early? Mar 12th

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Should you pay off a personal loan early?

– moneysense.ca

With bonus and tax refund season underway, the same question tends to resurface: is it worthwhile to make a lump sum payment toward your personal loan, or could that money be better used elsewhere?

In many cases, early repayment reduces interest and removes a monthly obligation. But the decision rarely exists in isolation. The structure of the loan, the interest payments, possible repayment penalties, and the alternative uses for that cash all matter. So does something less visible: how carrying the balance affects your day to day financial decisions and sense of stability. It’s a practical decision, but it also reveals how we tend to think about debt more broadly.

Many Canadians aim to eliminate debt as quickly as possible, and the instinct to eliminate debt is understandable. But not all debt is created equal, and not all repayment decisions improve your broader financial picture. Before committing a windfall to early repayment, it is worth taking a closer look at both the numbers and the tradeoffs…

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