You can pay off your loan at any time before the due date. Here is how, and exactly what you will pay.
How to pay off your loan
Open your property page. While the loan is open you will see a Your loan card. It shows Payoff today (on loans that charge interest only for the time elapsed), the full amount next to Due and the due date, and the APR.
Click Pay off loan. The Repay loan window opens with the breakdown: Amount borrowed, Interest and Total today.
Under Pay by, choose how to pay. Account funds uses the stablecoins (digital dollars) in your Fabrica account, with no processing fee, and your property comes back right away. Some loans also offer Card, which pays the whole payoff by debit or credit card for a processing fee; if your loan doesn't support it, the option says "Card isn't available for this payoff." If your account is short, the window tells you by how much; add funds to your account, then click Check account funds again.
Click Repay $X (or Pay by card) and approve the steps as they appear: Allow the payment, then Repay the loan. When it goes through you'll see "Great news: your loan is paid off".
One important timing note: loan due dates have no grace period. If your due date is close, don't wait on money that is still on its way to your account; pay from your balance, or message us through the chat bubble and we will help you pick the fastest path.
When the payment completes, your property is back in your account. As the window puts it, "The token is back in your account and nothing is held as collateral anymore." You can transfer, remove, or borrow against the property again.
What you actually pay: check your loan type
Be careful here, because loans differ and we want you to know before you pay:
Prorated loans charge interest only for the time that has actually passed. If your loan card shows a Payoff today figure, that is exactly what you would pay today, and paying early saves you money.
Fixed-term loans owe the full repayment amount no matter when you pay. Repaying early gets your property back sooner, but it does not reduce the cost.
Your loan card tells you which kind you have. If there is no Payoff today figure, assume the full amount shown next to the due date is owed. For a loan that accrues interest, the payoff quote is priced a short time ahead, so it covers the interest that accrues while your payment goes through (it never exceeds the full repayment); if you leave the window open for a while, the app refreshes the amount and asks you to review it again before paying.
Don't cut it close
There is no grace period at the due date. If the loan is not fully repaid by then, it defaults. Set your own reminder well before the deadline. We send reminder emails, but emails can land in spam, and the responsibility to repay on time is yours. See "What if I can't repay my loan by the due date?" in this collection for what happens after a default.
If you get stuck, open the chat bubble in the corner and we'll help.
Learn more: Pool lending