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cozzmokramer

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Best Egg Prepayment terms. Please help me understand.
I'm considering a loan with Best Egg. It's a 17,500 loan. 8.5% Interest. 3years. $260 origination fee. Money in my hand is 17,239. Monthly payment is 540. Finance Charge is 2400. Total payments 19,839.

My question, is if decide to pay more than the 540 per month and pay it off in say 1.5 years rather than 3 years do I still have to pay the full amount of finance charge? Best egg says they don't have a prepayment penalty but when I read their prepayment policy I was confused. Here's what it says: Prepayment policy: If you pay off your loan in advance, you will not be charged a penalty. In the event of a prepayment, you will not be entitled to a refund of any pre-paid finance charges or other fees.

So, what I'm asking is does Best Egg get all the finance charges they quote on their loan even if you pay it off early and I pay back 19, 839 not matter how fast I pay? Hope this question makes sense. Thanks for any help.

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