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Repaying your Loan

  • Are there penalties if I pay my loan back early?

    You may have to pay charges if you pay off a fixed-rate loan early. There are no charges for early repayments on a variable rate loan.

    The type of loan you have, or intend to draw down, will be shown on the agreement documents forwarded to you.

    If you are unsure or have questions, either when applying for a loan, or you are making a decision to pay back your current loan completely or in part, our lending advisers would be happy to help.

    Call our lending team on 0818 200 334

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  • Can I make additional payments into my loan account ?

    You can make additional lump sum payments to your loan account. This will reduce:

    • The term of the loan
    • The amount of interest you repay over the full term of the loan

    This will NOT affect the amount you repay each month.

    Warning: If you pay off a fixed rate loan early you may incur a funding sum charge.

    You can transfer funds into a loan account listed on your 365 online profile. You may also add a loan account as a payee.

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  • How much will the monthly repayments be?

    This will depend on:

    • The amount of the loan
    • The term of the loan

    The term of the loan is the agreed time it takes you to repay it. If you were to take out a loan for a certain amount to repay:

    Check out our Loan Calculator for an idea of what your payments may be.

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  • Can I take a break from repayments, or reschedule them over a longer period?

    Yes. We are happy to discuss your lending requirements.

    Existing loan options:

    If you wish to restructure or reschedule payments on an existing loan, you should contact your local branch of Bank of Ireland. You can Make an Appointment to speak with an adviser in your local branch.

    New loans

    • Defer your first three monthly-repayments, paying nothing for 90 days
    • Choose to pay weekly, fortnightly or monthly

    Deferred payment options are only available to customers who repay their loan monthly. Deferred payments:

    • Are spread over the term of the loan,
    • Must be applied for and agreed by us prior to drawdown, and
    • Result in an increase to the cost of credit on your loan.
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  • How many years can I repay the loan over?

    Choose the repayment term that suits you. You can spread your repayments over any period up to five years for most loans, or up to one year in the case of a Holiday Loan. This will effect:

    • The amount you pay each month, and
    • The total cost of the loan over the term of the loan.

    See our Loan calculator for an idea of what your payments may be over a longer (5 years) or shorter term (1 year).

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