Depending on the amount you wish to borrow and your interest rate, you may be offered a longer repayment period. While a longer-term can lower your monthly loan payments, you will end up paying more in interest than if you had a shorter repayment period. A shorter loan term will usually result in lower interest rates.
While many lenders charge a penalty for paying a loan off early, Acorn Finance lenders do not charge any penalties for paying off the debt early.
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