👉 In finance, a "forepayment" is an advance payment made by a borrower to a lender before the loan is fully repaid. This can be in the form of money or goods, and it's often used when a borrower has some financial difficulties that prevent them from making their full repayment. For example, if you're a student who wants to pay for your education, you may have agreed to make payments over several years, using a payment plan. If the lender decides they can't meet
