If you go to a bank where the minimum loan amount is $5,000 and there is no penalty to pay it off early, could you theoretically immediately pay back, say, $4,000, if you only need $1,000?

I've been attempting to find a bank that will offer a small loan of about $1,000, but most, including mine, don't because of the small return. If there is no penalty for paying it off early, couldn't I just immediately pay back $4,000 and pay the $1,000 back with the same interest as a $5,000 loan?

Submitted October 22, 2017 at 08:23PM by dan_the_man_2020 http://ift.tt/2yHIqcD