Can I pay off my loan early?

Yes — always, with no penalty. You can:

• Make extra payments any time via your customer portal (Interac e-Transfer or pre-authorized debit)
• Pay the full balance at any point and stop interest accruing immediately
• Top up an existing installment loan after 50% of the principal is paid down (subject to re-qualification)

Paying ahead reduces your total cost of borrowing because interest stops accruing the day you settle.

To process an early payoff, log in to your portal and click “Request payoff quote” — you’ll get an exact balance for any date in the next 14 days. Send funds via e-Transfer or PAD on that date and the loan is closed.

Closing the loan early doesn’t hurt your credit — paid-on-time installment loans are reported to TransUnion and Equifax as positive trade lines that help build credit.