Most loans require you to make regularly scheduled repayments. Some lenders also allow you to make extra repayments and further reduce the total you owe, bringing you closer to exiting your loan early, and helping to reduce the total interest you’ll pay. If your loan also includes a redraw facility, you’ll have the option to access any extra repayments you make and withdraw them from your loan if necessary. If you plan to pay off a loan early, be sure to check for any discharge fees that may apply.