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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 8:24pm

#1

loriexxx

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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.

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Comments

#2 22-01-2018 10:42pm

Spocker

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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)

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