From Longman Dictionary of Contemporary Englishprepaypre‧pay /priːˈpeɪ/ verb (past tense and past participle prepaid) [intransitive, transitive] to pay for something before you need it or use it —prepayment noun [countable, uncountable]→ See Verb table
Examples from the Corpus
prepay• The cost of the buffet breakfast is $7 for club members who prepay.• The Ginnie Mae 8 percent bonds prepaid at a constant prepayment rate of 9. 8 percent in December.• How do prepaid cards compare to pay phones?• Also like most mortgages, the loan could be prepaid in full at any time.• On a longer call, however, a calling card can be cheaper than a prepaid phone card.• Arizona was the first state to use prepaid plans to provide all Medicaid coverage.• One trick the new young traders exploited was the tendency of borrowers to prepay their loans when they should not.• A young Salomon Brothers trader named Howie Rubin began to calculate the probability of homeowners' prepaying their mortgages.• On Saturday I phone my city children to entice them out for Thanksgiving, dangling before them mountain marvels and prepaid tickets.From Longman Business Dictionaryprepaypre‧pay /ˌpriːˈpeɪ/ (also pre-pay) verb [intransitive, transitive]1to pay for something before you get it or before you use itDon’t pre-pay for vacations that carry heavy penalties if canceled.2FINANCE if you prepay a loan, you pay it back before the time when you have to pay it backSome property owners requested permission to prepay their loans.→ See Verb table 