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Paying my credit union loan early

  • 24-02-2016 12:01pm
    #1
    raemie10
    Registered Users, Registered Users 2 Posts: 170 ✭✭


    I got a CU loan a few months ago. (mainly to get a credit rating with them)
    I've been paying an amount off weekly.
    However, it's a small loan (€1000)
    I have half left to pay.. if I pay it off early will this affect my CU credit rating?!


Comments

  • #2
    uck51js9zml2yt
    Closed Accounts Posts: 18,268 ✭✭✭✭uck51js9zml2yt


    raemie10 wrote: »
    I got a CU loan a few months ago. (mainly to get a credit rating with them)
    I've been paying an amount off weekly.
    However, it's a small loan (€1000)
    I have half left to pay.. if I pay it off early will this affect my CU credit rating?!

    No it won't and will save you interest.


  • #3
    Squeeonline
    Registered Users, Registered Users 2 Posts: 2,570 ✭✭✭Squeeonline


    raemie10 wrote: »
    I got a CU loan a few months ago. (mainly to get a credit rating with them)
    I've been paying an amount off weekly.
    However, it's a small loan (€1000)
    I have half left to pay.. if I pay it off early will this affect my CU credit rating?!

    Best thing to do is talk to them. In my experience CU usually are happy to allow you to pay it off early without punishment (unlike high street banks) and it shouldnt impact negatively. In fact, it might even be positive in their eyes.


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