The fixed rate maturity date refers to the date on which a borrower’s final loan payment is due. Once that payment is made, and all repayment terms have been met, the promissory note records the original debt being retired. In the case of a secured loan, the lender no longer has a claim to any of the borrower’s assets. This is the date on which the entire unpaid balance of the loan, including interest, is due and payable.
The loan and any accrued interest should ideally be paid off in total if you’ve made regular and timely payments. If you have a remaining balance past your maturity date, you’ll have to work with the lender to determine how to pay it off.