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Because the CU generally insist that you maintain a certain level of money on deposit or in shares while also borrowing with them thus inflating the real cost of borrowing. Unfortunately they are often loath to quote an APR on such loans and, in particular, one that includes the cost of maintaining deposits while borrowing. There have been many discussions about this issue in the past. of course there are alternatives to the CU when it comes to credit and some may be even cheaper than the CU.asdfg said:I must say this never made much sense to me
Why don't you just have a loan of 7,000 @ 8% Cost over 5 years would be approx 140 per month
Because the CU generally insist that you maintain a certain level of money on deposit or in shares while also borrowing with them thus inflating the real cost of borrowing
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