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Paying off credit union loan early?

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  • 19-01-2013 8:20pm
    #1
    MarkyMark22
    Registered Users Posts: 554 ✭✭✭


    Hey guys, I got a 3 year loan of €3000 from the credit union last year, I pay back €25 a week and haven't missed a payment once.. I also have savings of €1,700 that are secured against the loan..

    I'm just wondering if they mind me paying back early? Not with the savings I have, but by just paying more than my weekly amount?

    This was my first loan, and I'm just wondering if I pay back early what's the chances of them approving any future loans? I'm heading to college next year so I was thinking of paying off my loan in the next few months and then applying for another one at the end of the summer to cover my college fees and get any bits and pieces I might need for college.

    I'd appreciate any advice given, thanks.
    Tagged:


Comments

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    #2
    Lisha
    Registered Users Posts: 8,693 ✭✭✭Lisha


    I have often paid off credit union loans early both by paying a little extra month or by paying a lump sum when I had it
    Cu never passed any comment in any way


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    #3
    wmpdd3
    Registered Users Posts: 9,624 ✭✭✭wmpdd3


    they prefer that you pay a bit more every week and more into your savings than just a lump sum.


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