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Credit union interest rates

  • 04-11-2020 2:12pm
    #1
    Kaleb2015
    Registered Users, Registered Users 2 Posts: 83 ✭✭


    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.


Comments

  • #2
    GarIT
    Registered Users, Registered Users 2 Posts: 8,671 ✭✭✭GarIT


    Yep


  • #3
    Lenar3556
    Registered Users, Registered Users 2 Posts: 1,711 ✭✭✭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?


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