Absolutely not! Since there are no prepayment penalty fees we highly encourage you to pay off your loan as soon as you can. This will allow you to avoid paying unnecessary interest and get out of debt.
Generally, title loan payments may appear on your credit report and it is up to the lender to decide if this gets reported or not. A successful completion of your loan might actually be reported as a positive mark on your credit report!
We suggest for customers to check with their chosen lender whether they report payment activity to credit bureaus in advance, as this can have a negative effect if payments are not made in full and on time. With that said, we encourage all our customers to pay off the loan early as it will save them money in the long run and will not affect the credit score negatively. As we always emphasize, 5 Star Car Title Loans is here to help you get back to good financial standings.
For more information on credit reporting visit this page.
Please read the following article for more information about how to pay off your title loan early?