loan interest

stodgy88

hello, got a loan through my works credit union, the interest is 12.7%,ive been paying for quiet a while and my p[ayment is £50 per week,the loan at the moment is £3000, and i am paying around £18 per week interest ,this drops weekly by around 15p,so the total at the moment is dropping around £32 per week,can someone explain A how this works B how many weeks before it is paid off . thanks

[Deleted User]

You owe more at the beginning of a loan so the interest is higher. It'll be paid off by the end of the agreed term.

forgotmyname

Did you set a period for the loan to be paid over?

If teh interest decreases when you make a payment, try to make some overpayments and it will be paid off sooner with less interest charged.

TrickyDicky101

At that rate it will take you approximately a further 65 weeks to repay the loan fully.

stodgy88

65 weeks,thought that was around the time frame cheers.