A: Many loans allow for prepayment without penalty. However, some loans may charge a prepayment penalty if you pay off the loan before the maturity date. Be sure to read the loan agreement carefully to determine if there are any prepayment penalties.
Q: What should I do if I can’t make my loan payments?
A: If you are facing difficulty making your loan payments, contact your lender immediately. They may be able to work with you to adjust your payment plan or provide other assistance. Ignoring the problem will only worsen the situation.
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