Interest rebate

SarahMc

Registered User
Messages
778
What does this mean?
Local CU offering Savers Loan at 6% apr (no interest loan rebate) or regular loan, 12.6% apr (loan interest rebate of 20%).
 
If you get a loan from a CU, you will be charged interest. At the end of the year, a CU may give some of the interest you paid back to you, ie an interest rebate. This is approved at the AGM.
 
The 6% rate is probably for secured loans where you borrow less than your shares and your shares are frozen as collateral.

Also the interest rebate is subject to annual approval by the Central Bank so it is not guaranteed.
 
Back
Top