Meaning & Definition of word "Prepay"

Prepay

/priːˈpeɪ/

verb:

  • 1. To pay for a service or product in advance.
    • Example: I decided to prepay for my hotel room to secure the best rate.
  • 2. To make a payment on a loan or credit account before it is due.
    • Example: She chose to prepay a portion of her mortgage to save on interest.
  • 3. To pay a subscription fee or similar charge before the billing cycle begins.
    • Example: Subscribers can prepay for the entire year and receive a discount.

Etymology

From 'pre-' meaning before + 'pay'.

Common Phrases and Expressions

prepay options:

Choices available for paying in advance.

prepay plan:

A structured plan allowing advance payments for services.

Related Words

prepayment:

The act of paying in advance for goods or services.

installment:

A portion of a total due amount that is paid at a specific time.

Slang Meanings of prepay

Meaning: Pay to play

Example Sentence: You have to prepay for your tickets; it's a pay to play situation.

Meaning: Upfront payment

Example Sentence: This is an upfront payment deal; you need to prepay to secure your spot.