Credit union loans

gildenel

Hi, I'm just wondering if £50 per month in interest is too much on a loan of £1700? I'm terrible with money, but thought credit unions had lower interest rates.

Thanks

Amanda.

[Deleted User]

Assuming that the first month's interest, it's an APR in the mid 30s.

It's only too much if you have better alternatives, which you probably don't. Like everyone else, credit unions have to price for risk. 

Is not borrowing at all an option?

gildenel

It's is, but I thought that it would be more economical for some reason, will just pay the loan off and go elsewhere, will keep savings there to help others though.  

Brock_and_Roll

If you have savings AND a loan you are throwing your own money down the khazi!