Could you save £3,000 on garden furniture?
Posted on Mar 13, 2024The lighter nights and warmer weather are making many of us excited for a sizzling summer!
Make sure you’re making the most of your garden space with warmer weather just around the corner. It’s time to spruce up your outside space for those summer nights. There really is nothing like kicking back and relaxing on a lounger, soaking up the British sunshine with your feet up on comfortable outdoors chairs, and dining al fresco!
Let’s take a look at how much you could save with our Personal and Advantage Loans compared to if you used a typical credit card to glam up your garden.
Let’s compare this 6-seater garden furniture set costing £4,000.
No Savings? No problem!
No savings with Retail CU? No problem! Borrow up to £10,000 with our flexible Personal Loan at competitive interest rates.
A £4,000 Personal Loan, repaid over 50 months will cost £118.54 a month, total amount repaid £5,926.91, total interest £1,926.91 at 21.9% APR.
Now let’s compare Capital One’s Balance Credit Card at 34.9% APR variable.
Using Uswitch’s Credit Card Calculator keeping monthly repayments at £118.54 (the same as our Retail CU Personal Loan), total interest is £5,177! By opting for a Personal Loan with Retail CU, you could save yourself £3,250 in interest AND you’ll have repaid your loan more than 2 years quicker!
Borrow 5x your Retail CU savings!
Do you have £800 in your Retail CU savings? You could borrow £4,000 at just 10.9% APR.
A £4,000 Advantage Loan repaid over 50 months will cost £98.92 a month, total amount repaid £4,946.11, total interest £946.11 at 10.9% APR.
Now let’s compare Capital One’s Balance Credit Card at 34.9% APR variable.
Using Uswitch’s Credit Card Calculator, the minimum repayment would be £142 every month, and you would be paying more than £3,000 in interest! By opting for our Advantage Loan, you could save yourself £2,131 in interest. And, as with all Retail CU loans, interest is charged on a reducing balance so you may be saving even more!
Before you make a big purchase, make sure you’re not paying through the nose and remember, at Retail CU our APR is fixed, meaning the rate you see is the rate you get! Great-looking garden furniture doesn’t need to cost a fortune.
Want to borrow more? Try our easy to use loan calculator to see how much you could borrow and how much you would repay.