Are there prepayment penalties? February 21, 2020 22:29 Updated Follow No, you can pay off your loan early without incurring a prepayment penalty. Related articles Are there any prepayment penalties for paying off my loan early and/or making additional payments? What are standard third-party closing costs? Does SoFi charge lender fees? Can I roll my closing costs into my home loan? What are discount points and how do they work?