How much interest do you pay on your loan?!

Status
Not open for further replies.
J

Je5580

Registered User
Messages
5
I was shocked to find out recently that for every £250 I pay (PCM), £110 goes on interest!! Wish that they had explained this when I took out my loan! I think it's about 22% APR. Just wondering if this is the standard interest that Credit Unions charge? Thanks :)
 
Do you want to give a bit more information on the amount of the loan, the balance outstanding and the duration of the loan? 22% APR is very unlikely for a CU loan.
 
Hi Rainy! I thought it was a bit much!

Outstanding loan: £6213
Shares: £1900
Term: 42 months
APR: 21.94%

Does that sound right? :confused:
 
Credit Unions cannot charge more than 12% per annum The interest been charged on your loan should be on your credit agreement.
 
Is the loan relatively new?Because at the start of a loan,there would be a higher interest charge as you owe more.
 
Hi Empty, yes it states on my credit agreement that the APR is 21.94%!
Van It is a Welsh CU. It is quite a new loan, does that affect the APR? Thanks for your replies :)
 
HI Je

Askaboutmoney is an Irish website. You will need to find a UK website such as motleyfool.co.uk to get an answer to your question.

Brendan
 
I have probably been a bit naive, just assuming that the interest was really low without checking things through properly :(
 
Status
Not open for further replies.
Back
Top