Most types of loans can be paid off early without prepayment penalties. Some lenders do charge fees for paying off the balance in full before the end of the loan term. Upgrade does not charge any prepayment fees or penalties. This means you can pay off your loan in full at any time. You can also schedule extra payments including principal-only payments. By paying off your loan early, you may be able to save money in interest, making it a wise financial choice.