Are there any penalties for paying my loan off early? Dane August 14, 2018 18:28 Updated Follow There are no penalties for paying your loan off early. Related articles Can I make additional loan payments? Can I make a larger down payment to lower my monthly payments? How do I make loan payments? Can I apply before booking a trip, or do I need to book the trip first? If I make additional loan payments will my monthly payment change? Comments 0 comments Please sign in to leave a comment.