What is an early repayment fee?

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  1. Your personal loan is approved
  2. Your lender borrows money in order to provide your loan
  3. Your lender uses the interest you pay on YOUR loan in order to make payments on THEIR loan
  4. You choose to repay your loan early
  5.  Your lender charges an early repayment fee to cover their losses caused by the interest you will no longer be paying

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