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Student bank loan and credit union loan

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  • 16-07-2008 4:59pm
    #1
    FionaC
    Registered Users Posts: 79 ✭✭


    I have a student loan from a years back (topping up and paying off some as i went along). Just say i owe the bank 3500 and i owe the credit union 3500 would i be mad to just increase my credit union loan by 3500 and pay off my bank loan?

    Would i pay a lot of interest by paying off the student loan two years earlier?

    Any Advise,

    Thanks,


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    #2
    danmcmie
    Closed Accounts Posts: 8 ✭danmcmie


    credit union loans generally have lower interest rates than bank loans, so you would save money by paying off a 7000 loan from a credit union rather than a 3500 on a bank loan and 3500 on a CU loan.

    then again, banks dont like their loans been paid off early so they may charge a fee or a percentage remaining of the loan to clear it early.

    what you really need to do is figure out what the interest rates or fees are on all sides and get a calculator.... nobody is going to give you a definite answer on which is the better option without having figures. :)


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