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An 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.
Definition source: English Wiktionary via Wiktextract
No example sentence was provided for this meaning.
Meaning relationships
Synonyms: none provided
Antonyms: none provided
No etymology was provided for this word.
Across languages
Translations
2 source translations are retained for this English entry.
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German:
Vorfälligkeitsentschädigung
— fee charged for prepayment of a loan
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Polish:
kara za przedpłatę
— fee charged for prepayment of a loan