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
How can I apply for a loan?
You can apply online, over the phone or in your branch.
If you’re registered on 365 online, you can apply for a personal or car loan by taking the following steps:
- Login to 365 online.
- Click Apply Online on the left hand menu of the Home Page.
- Select Find out More in the personal loan section
- Review the information on this page
- Use the Loan Calculator to help make your decision
- Click Start to begin the step-by step application process
Over the phone
Our lending team is ready to take your call on 0818 200 334.
In your branch
Make an appointment to meet with a dedicated lending adviser in a branch. We will get back to you within 24 hours to arrange a time.
Need help finding your nearest Bank of Ireland branch?
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.
- How do I apply for an overdraft?
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.
- Are there any extra charges on a loan?
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.
- 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.
Why would I get an overdraft rather than a personal loan?
Overdrafts are suitable for smaller amounts in the short-term:
- Overdrafts start at €100 which can remain on your account.
- Personal loans start at €300.
You can set up an overdraft and then only use it when you need it. it will be there for you as a "financial cushion" when you need it most.
What are interest surcharges on an overdraft?
An interest surcharge is an extra fee you pay if you go over your agreed limit. Interest surcharges can apply for two reasons:
- When you are over the limit of your overdraft
- If you go over credit for more than 30 days in a year
Over your limit
You will pay an interest surcharge if you are over your credit limit on your current account when:
- You have no overdraft facility and your account goes into a negative amount
- Or, you have an overdraft facility but go over the agreed overdraft limit
Use over the year
You will also be charged an interest surcharge if you have an overdraft facility and you do not revert to credit for more than 30 days in a year.
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).