A loan where is the best to go?

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itallhelps

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I want to get a loan out of about 17500. We have this out with a credit union but apr is very high so I am looking at different bank accounts? Any suggestions as I want to pay off the credit union and go with anyother bank?
 
What is the APR with your credit union? Are they insisting that you keep funds on deposit also? If so, how much?

To be honest, I'd be surprised if you found a huge difference between APR at your CU and that available at the banks. If you owned a property, you might be able to top up your mortgage at very low rates, but that has certain risks & costs attached too.
 
I think its 12. something% at CU and yes we have funds of around 10000 in there I want to invest funds even in a joint savings account at least it will make some interest with the credit union it seems a sitting duck! We can't take the funds out as have to keep 1/3 of the loan in there or something like that. Where would be the best place to invest 10000 for savings and If I could get a good deal on a bank loan I would repay the Cu and get out of there maybe leave a grand just incase of a rainy day at least we could borrow 3000 if really needed in the future from them but at least the loan would be paid off cheaper from a bank and the 10000 making us money.

Thanks for your help!
 
12% is pretty high, and the 10k on deposit is hurting you as well ( thouth you should be earning 2%-3% CU dividends on this deposit).

Have a look at our Best Buys on loans - Shop around with your own bank to see what is the best APR you can get. I'd recommend that you borrow 7.5k, pay that over to the CU and tell them to write off the deposit against the loan. In general, I'd suggest sticking with a variable rate loan, unless you really need the security of a fixed repayment each month.
 
i got a letter yesterday from citi financial offering me a very large loan. i am rather confused as i have never had any dealings with them. has this ever happened to anyone else? i would love to know how they got my address.

Alex.
 
Alex said:
i got a letter yesterday from citi financial offering me a very large loan. i am rather confused as i have never had any dealings with them. has this ever happened to anyone else? i would love to know how they got my address.

Alex.
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Probably from the electoral register, or they may have bought a mailing list from a direct marketing agency. I got their stuff sometime over the past year or so. Their APR rates were extremely high, if I recall correctly.
 
RainyDay said:
Probably from the electoral register
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If they got your details in this way be aware that you can opt out of your details being used for sending junk mail - see .
 
CitiFinancial's rates are exorbitant - over 30% on some loans......that's more than a moneylender.
 
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