What Is a Payoff Letter? - The Balance
https://www.thebalancemoney.com/payoff-letter-basics-315691
WebJan 4, 2023 · A payoff letter is a document that provides detailed instructions on how to pay off a loan. If you have the funds to pay off an installment loan early, request a payoff letter from your lender. It tells you the amount due, where to send the money, how to pay, and any additional charges due.
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