If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)

Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

Credit union loan

loriexxx · 2018-01-22 20:24:03

I am taking out a €20000 loan for a wedding with the credit union and I am planning to pay it back within 2 months even though the duration of the loan is down as five years. I know there is no penalty for paying it back early but will I be liable to pay the full interest of over 3000 when I pay it back so early.

22-01-2018 9:24pm

#1

loriexxx

Registered Users, Registered Users 2 Posts: 101 ✭✭

Join Date: September 2011

Posts: 69

I am taking out a €20000 loan for a wedding with the credit union and I am planning to pay it back within 2 months even though the duration of the loan is down as five years. I know there is no penalty for paying it back early but will I be liable to pay the full interest of over 3000 when I pay it back so early.

0

Comments

#2 22-01-2018 11:42pm

Spocker

Moderators Posts: 6,864 ✭✭✭

Join Date: February 2004

Posts: 6075

No you won't have the pay the full interest amount, just the interest that accrued while you had the loan (i.e. the 2 months worth of interest)

0