Prepayment penalty

Noun

Word Frequency: 0.1

Definitions

1.NounAn additional fee charged for paying off part of or the entirety of a loan ahead of the scheduled due date in order to compensate for the loss of interest income suffered by the creditor in such case.

Synonyms

penalization prepay penalisation deferred payment penalizing penalties surcharge debt service overpayment penalized insurance premium copayment

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