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Prepay: meaning, definitions and examples

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prepay

 

[ priːˈpeɪ ]

Verb
Context #1 | Verb

financial transaction

To prepay means to pay for a service or product before it is due or before it is consumed. This can happen in various contexts, such as paying for insurance, loans, or subscriptions in advance.

Synonyms

advance payment, pay in advance, prepayment

Examples of usage

  • I decided to prepay my mortgage to reduce interest.
  • He chose to prepay his phone plan for the year.
  • Many customers prefer to prepay their utility bills.

Translations

Translations of the word "prepay" in other languages:

🇵🇹 pré-pagar

🇮🇳 पूर्व भुगतान

🇩🇪 vorausbezahlen

🇮🇩 pembayaran di muka

🇺🇦 попередня оплата

🇵🇱 przedpłata

🇯🇵 前払い

🇫🇷 pré-paiement

🇪🇸 pago por adelantado

🇹🇷 ön ödeme

🇰🇷 선불

🇸🇦 دفع مسبق

🇨🇿 předplacení

🇸🇰 predplatenie

🇨🇳 预付

🇸🇮 predplačilo

🇮🇸 fyrirfram greiðsla

🇰🇿 алдын ала төлеу

🇬🇪 წინასწარი გადახდა

🇦🇿 öncədən ödəniş

🇲🇽 pago por adelantado

Word origin

The word 'prepay' is a combination of the prefix 'pre-', meaning 'before', and the verb 'pay'. The prefix originates from the Latin 'prae', which translates to 'before'. The concept of prepayment can be traced back to various financial practices throughout history, allowing individuals and businesses to manage their cash flow more effectively. This term has gained prominence with the advent of subscription services and online payments, as people sought to secure services without the hassle of recurring payments.

Word Frequency Rank

At rank #29,277, this word represents specialized academic or technical vocabulary. It's less frequently encountered but may be valuable in specific contexts.