Repaying Credit Union Loan Early

[JuzAAM]

Hello,

Today I enquired about partially repaying a credit union loan early.

I was told this is no problem but they will reduce the term not the monthly payments. I would rather keep the longer term for flexibility down the road.

Is this the norm with credit unions? When I’ve done this previously with banks and mortgage, I had the option of either.

Thank you!

 

[ClubMan]

Is this the norm with credit unions?

Didn't you ask them?

 

[Monbretia]

There is no norm really with Credit Unions, they are all stand alone operations unlike a bank which will have the same policy in all it's branches, what one CU does another may not!