Paying off a loan ahead of schedule can feel like a big financial win. Who doesn’t want to be debt-free sooner? But if you hope to pay off a personal loan early, there may be a catch: Some lenders may charge a prepayment penalty, which is a fee for paying off the loan before the scheduled term. That cost could eat into — or completely erase — any interest savings you were counting on. While prepayment penalties are becoming increasingly rare, particularly in personal loans, it's important to read the fin ...