Credit union interest rates

Kaleb2015

I am just trying to get my head around the interest on my loan. I topped up an existing loan on 26/04/2019 which brought it to €18,703.67

80 weeks since getting the loan this week.

My repayments are €90 a week over 5 years and it’s 8.9% interest.

The loan is currently at 11,048.35.

I’ve paid €90 a week. I do pay extra when I can and I have paid €9,503.25 off the loan in a little over a year and a half.

Does the amount of interest so far seem right when over 5 years total interest should be around the €4,500 mark.

GarIT

Yep

Lenar3556

Kaleb2015 wrote: »

I am just trying to get my head around the interest on my loan. I topped up an existing loan on 26/04/2019 which brought it to €18,703.67

80 weeks since getting the loan this week.

My repayments are €90 a week over 5 years and it’s 8.9% interest.

The loan is currently at 11,048.35.

I’ve paid €90 a week. I do pay extra when I can and I have paid €9,503.25 off the loan in a little over a year and a half.

Does the amount of interest so far seem right when over 5 years total interest should be around the €4,500 mark.

Seem about right.
You need to get the principle amount down, and with that comes the interest amount. I.e you will pay a lot more interest in Yr.1 than Yr5

8.9% is expensive borrowing. Is that the best rate you can get?