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loan interest
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
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Comments
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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.0
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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.Censorship Reigns Supreme in Troll City...0 -
At that rate it will take you approximately a further 65 weeks to repay the loan fully.0
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65 weeks,thought that was around the time frame cheers.0
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