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Credit Union Loans
I've been a CU members for over 50 years and if truth be told the number of loans I've taken out were minimal; I save to support my community
While I may have been a member for over half a century when a friend asked me what the CU interest rate was I replied with confidencec1.5 percent per annum on the on paid balance but when asked what was that like in real terms, I hadn't a clue!
Is there an easy answer to that or how would you work out how much actual interest you'd be paying ?
While I may have been a member for over half a century when a friend asked me what the CU interest rate was I replied with confidencec1.5 percent per annum on the on paid balance but when asked what was that like in real terms, I hadn't a clue!
Is there an easy answer to that or how would you work out how much actual interest you'd be paying ?
Kevin
0
Comments
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It'll be charged daily on the outstanding balance not the paid balance.
So you need to know how much you're borrowing, over what period and with what payments.0
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