Credit Union Loan

[Pinchy]

Hi there,

Just wondering if anyone knows if I can pay off a credit union loan with payment and releasing my shares that I have in that branch?

ie I have 4000 loan and 2000 in shares, can I just pay 2000 off in cash and ask that they take the rest out of my shares?

J

 

[advisor]

Yes there is no problem in doing this (although they don't like you to!) It's just like having money in a savings account.

 

[doll2824]

yes you can do that.they dont like it when people do it but you certinly can.

 

[allthedoyles]

yes but u lose all your savings and cant borrow there again

 

[advisor]

yes but u lose all your savings and cant borrow there again

You can start saving again and build back up your shares. You can then borrow again - you don't receive a lifetime ban!!!

 

[Pinchy]

thanks for your help everybody,

Weight off my shoulders.

J