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Credit union loan

  • 22-03-2011 3:06pm
    #1
    Jimmywangyang
    Registered Users, Registered Users 2 Posts: 17 ✭


    Hi guys I have a credit union loan of about 4000. Its only a student loan so the repayments are about 100 a month.
    The thing is I'm now working full time and nearly have 4000 euro saved up. Should i pay off the loan and empty my savings account by doin so r just stay saving and stay paying off the 100 euro a month.


Comments

  • #2
    gaz wac
    Registered Users, Registered Users 2 Posts: 1,333 ✭✭✭gaz wac


    i'd keep the cash and increase my montly repayments and clear it off within six months or so, that way you will have the cash waiting for you :)


  • #3
    tommy21
    Closed Accounts Posts: 2,419 ✭✭✭tommy21


    There is value in drawing out this repayment depending on your situation.

    If you have an established credit history with the CU, then I would say pay it back as suits or over a months or so.

    If as I suspect this may be your first loan, paying it back over time shows them that you are reliable, and it may mean they might be more like in future to give you a bigger loan than the initial small one (e.g. usually 1.5-2 times size of your savings, where as more established person might get 3 times their savings).


  • #4
    Jimmywangyang
    Registered Users, Registered Users 2 Posts: 17 ✭Jimmywangyang


    Cheers for the reply lads.... It is my first loan yea so ur probably ryt when u say pay it off over a number of months to improve my record... Think ill keep my savings and just increase the repayments.... :)


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