Does it insinuate being completely paid? Or is it a lower amount that must be paid at a certain time? Im either confused or someone is trying to fuck me over.
In: Economics
It typically means paying off a loan in full. Usually you’ll see it when a person gets a better deal on a loan for something they already have, so they “refinance” the thing. That means getting the new loan, and it “pays off” the existing loan. A “payoff amount” is confirmed from the first loan’s bank that day, meaning, if you pay me exactly this much RIGHT NOW, that loan is totally gone, including all fees and interest and everything.
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