Definition, Meaning & Synonyms
prepay
verb
/ˈpriːpeɪ/
Definition
To pay for something in advance before it is due.
Examples
- Many customers choose to prepay their utility bills to avoid late fees.
- By agreeing to prepay, you can save on total interest costs for your loan.
Meaning
Prepaying typically refers to settling a debt or making a payment before the specified time or due date. It is often used in the context of bills, loans, or services.
Synonyms
- Advance payment
- Pay in advance
- Prepayment
