Are there prepayment penalties? February 21, 2020 22:29 Updated No, you can pay off your loan early without incurring a prepayment penalty. Related articles What are standard third-party closing costs? Do you charge lender fees? Are there any prepayment penalties for paying off my loan early and/or making additional payments? What personal information is needed to open a SoFi Money cash management account? What are discount points and how do they work?