cost of credit union borrowing

Sorry - I seem to have a vague recollection about that but didn't think of it earlier. Looks good. I just tried the calculator using Internet Explorer 6 SP2 and FireFox 1.0.4 on Windows XP Home Edition and seem to have the same problem on both: I can see the panels for the loan and savings information but then the rest of the calculator seems to be clipped/occluded - i.e. I can see part of a field (?) below the Savings At End field and don't know if this is a problem. I can't see where the calculator reports the effective APR arrived at through entering the loan/repayment and savings details. However by selecting, copying and pasting the contents of the occluded field it looks like this contains the answer (i.e. the effective APR). Perhaps you know some easy way of addressing the clipping/occlusion problem?
 
Ok. I'll have a look at it later to see if I can fix that.

... Ok - didn't get a chance last night... hopefully over the weekend.
 
Ok. I increased the size of the panel. I've downloaded firefox to try it and it seems ok now?
 
Hi Darag

I was hoping to include it in the useful links topic - but ...

I've tried to access it with IE - no success.
With Firefox, it opened once - albeit very slowly, but having tried it a few times I now seem to get a timeout message.

I'm using Broadband.

Marion
 
Works fine for me in both FireFox 1.0.4 and IE 6 SP2 on Windows XP Home and is no longer clipped either. Are you sure that your Java runtime installation is OK? Do you know if you are running Sun's Java runtime or Microsoft's? Do other Java applets work OK (e.g. Karl Jeacle's mortgage calculator or [broken link removed])?
 
I'm running Sun's. I dowloaded a new version a couple of days ago.(java TM 2 platform) I can see all calculators clearly now on Firefox. It must be a problem at my end so.

Marion
 
I've slightly improved it and fixed a few spelling corrections. Is your problem only with Internet Explorer, Marion?
 
Hi Darag

I can access it with IE and Firefox now.

I have linked to it here under Calculators and Currency Convertors in the section under the sub heading Useful links.

Marion
 
Regarding Credit Union borrowings using Loan calculator examples from CU and Banks, the Cu loan is cheaper

EG Credit Union Rate standard loan 7.5 % 10,000 euro over 3 years
Repayment 311/month intrest repaid = 1198.29 euro

BOI APR 8.9 % car loan 10,000 over 36 months
Fixed 339 with loan protection, 315 without
Var 337 with loan protection 313 without

even at rate of 12.68 p.a the repayments are 335.40 /month there are no setup or transaction charges 2% div on savings + 25% rebate on intrest paid on reducing balance

So to say CU charge more on loans does not correlate with the above examples
 
Kjpk said:
So to say CU charge more on loans does not correlate with the above examples
Click to expand...
The CU does not charge those €70 - €100 "Documentation Fees" either, add that to the total cost of a car loan as well where it applies.
 
One thing that this thread has highlighted is that every credit union seems to have different rules regarding borrowing, different ways of stating interest rates, different loan to savings multiples, etc. so it's hardly helpful to the general debate to quote snippets of figures from an unnamed credit union without specifying all the qualifying conditions.

I've stated many times that I think that in many cases particular credit unions under particular circumstances can offer cheaper credit. My beef is that they refuse to use the standardized measure of credit, APR, including the cost of the manditory savings which would allow the punter to directly compare them with other lenders.
 
if you wish to pay off loan quicker with credit union

my payments on a credit union loan would be €65.00 over 5 years however i wanted to get rid of this loan quicker and started to pay off €125.00 a week however i was wondering am i paying more interest this way or would i be better putting the extra money into a savings account and pay it off of my loan at the end of the year can anyone clarify this for me
thanks
 
Credit union loans are based on daily interest calculations so you will save interest at the loan rate, say 9%, if you overpay. No savings account will pay you anything like that. Many CU s are charging less.

Slim
 
Re: Credit Union Inspections

Has anyone experience of firms doing this work and if they have, who are the accounting firms that might be recommended?

The Regulator can appoint such accountants and it may have done so in Monaghan, Dunamaggin, Mitchelstown and elsewhere.
 
Re: Credit Union Inspections

Spondulicks said:
Has anyone experience of firms doing this work and if they have, who are the accounting firms that might be recommended?

The Regulator can appoint such accountants and it may have done so in Monaghan, Dunamaggin, Mitchelstown and elsewhere.
Click to expand...

Is this in the wrong thread?
 
To go back to the original discussion... sometimes it's not all about the money. Credit unions have a flexible attitude towards borrowers that is now completely absent from the banks. For example a loan for home improvements from the CU is dependent on your savings and ability to pay, whereas the banks are clamping down big time on top ups because of changes in LTV, regardless of the borrower's salary, job security etc. I know people should shop around but in the current climate I know plenty of people who have gone to their local CU because it's just simpler to get the money there.
I'm not saying it's right but it's true!
 
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