What happens after I pay off my loan?

There are only a few more payments left on your loan, and you’re ready to celebrate. But before you close out the account, you need to know what comes next. Paying off a personal loan isn’t simply about clicking “submit payment” one last time. It affects your credit profile, your monthly budget, and even your long-term financial plans. If you walk into the final payoff with no strategy, you could leave potential benefits on the table. Here's what happens when you pay off a personal loan, how it impacts y ...