Loan advice, CU and BOI

Hi all,

I was thinking of paying of whats in my Bank of Ireland loan (2610) by topping up my credit union loan, have savings in there of 2k and a loan outstanding of 4986. Is this a crazy idea or not? I'll be freeing up 200 a month by doing so which I'll put into savings my only fear is if anything comes up I might not be able to top up my credit union for a while. I'm wondering is the credit union's interest rate higher also. Thanks for the advice.

You would need to take a look at the interest rates on each of the loans to make an informed decision. The rate should be stated on the paperwork you received when you took out the loans. If you can't find that, or if you're not sure, then contact the bank and the Credit Union and ask.

i would lean heavily towards the credit union, they are far more understanding and discrete in regards to borrowing. once you pay the interest they would hav no problem suspending payments for a while and stuff lik that, maybe its jus something inate in me that doesnt trust those bankers....

I agree with Celtwytch - ask them both and do out the figures carefully, projecting forward, and see which works best for you.