At the moment, you are only able to pay the amount due for the current month. Any overpayments that you make will not be applied to the next month, but instead, will be applied to the principal of the loan and shorten the loan term.

There is no penalty for paying off your account early.

However, please be aware that payment history is the most important factor in your credit score. By paying off the account early, you may not be able to establish 12 or 24-months of payment history with the credit bureaus. If you decide to close the certificate of deposit prior to maturity you may be charged an early withdrawal penalty.

Learn more about how credit scores work.