Can I pay back my loan early?
Yes, but you may have to pay a penalty to do so. Often it's best if you try and do so you'll be debt-free – but some loans can charge an early repayment fee. When you take out your loan the lender should let you know what will happen.
The advantage of paying off all or part of a loan sooner rather than later should mean you pay less interest overall.
If you intend to pay off your full loan amount, you'll need to contact your lender and ask for an early settlement amount. This the total sum needed to repay the loan. You then have 28 days to pay it from when your request is received. The lender will let you know if any fees are repayable, so you can decide if you want to go ahead.
If you think you may be able to repay early, then it might be worth looking for a loan that doesn't include this kind of fee. If you want to pay off part of your loan, your credit agreement may be clear about how any partial early payment will affect your remaining repayments.
If it isn't then you can negotiate with the lender about whether you reduce your regular instalments or pay back the rest of the loan over a shorter period.
It's best to check the terms and conditions of your loan as there may be a charge for paying your loan off quickly.