Process & terms

How do I pay off a personal loan in one lump sum?

Short answer

Request a payoff quote from your lender, which is the exact balance plus per-diem interest through your target payoff date. Pay that amount via the servicer's payoff portal or by wire. The loan closes within 1-3 business days; the bureau reports the closure within 30-45 days.

Context

Payoff quotes are time-sensitive, they include daily interest accrual through a specific date. Request a quote good for 7-10 days in the future to give yourself time to schedule the payment without running short.

After the lump-sum payment posts, request a written confirmation that the loan is closed and the balance is zero. Pull your credit reports 45-60 days later to confirm the loan reports as closed and the balance shows $0. Errors at this stage are common and require dispute through the credit bureau to correct.

Editorial

Reviewed by: Compliance Review
Last reviewed: May 22, 2026

Glossary: Prepayment penalty

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