Skip Navigation

Loans

Areas of Interest
Current Accounts
Credit Cards
Loans
Mortgages
Savings
Insurance
Pensions
Online Banking


Can I apply online or by phone?

Yes you can apply online, call 1890 365 100 or drop into any Bank of Ireland branch

Back to Top

Which should I go for - a variable or a fixed-rate loan?

These are the main differences between them:

  • Fixed-rate: A fixed rate loan means that when interest rates are rising, the repayments on your loan will not change. The repayments are worked out at the beginning and never change. That way, you can budget and know exactly how much you will pay over the term of your loan 
  • Variable rate: A variable interest rate moves up and down to reflect changes in the financial market. Changes in the rate do not affect what you pay each month, but rather how long it will take you to repay your loan. If the interest rate drops over the term of the loan, you will repay the loan sooner. If the rate goes up, it may add an additional repayment or two. 
WARNING: YOU MAY HAVE To PAY CHARGES IF YOU PAY OFF A FIXED LOAN EARLY.                                                                                                                                                                                   warning: if you do not meet the repayments on your credit agreement, your account will go into arrears. this may affect your credit rating which may limit your ability to access Credit in the future.

Back to Top


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

You can opt to:

  • 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 and must be applied for and agreed by us prior to drawdown.

Back to Top

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.

Back to Top

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.

Back to Top

How much will the monthly repayments be?

It really depends on how long you choose as a repayment period. The shorter the term you choose for your loan, the higher the monthly repayments will be. The longer you take to repay, the smaller your monthly payments.

Back to Top

Do I need to have savings or a guarantor to take out a loan?

With Bank of Ireland loans you don't need to save with us to borrow from us. As long as you can show that you're able to make the repayments, we'll organise a loan to suit your needs. Parental Indemnity may be needed in some student lending cases.

Back to Top

Are there any extra charges?

With our Personal Loans there are no arrangement fees, deposits or "balloon" repayments.

Back to Top

What does optional Payment Protection cover?

Payment Protection information can be found here

Back to Top

What does it not cover?

Payment Protection information can be found here

Back to Top

Am I eligible for Payment Protection?

Payment Protection information can be found here

Back to Top

How much does Payment Protection cost?

Payment Protection information can be found here

Back to Top 

What is an Internal Reference Rate?

On 10th June 2010, the Consumer Credit Regulations came in to effect. If your loan was taken out, on or after this date, Bank of Ireland will have applied a reference rate to your loan. Reference rates are only used for Variable rate loans and if we make a reference rate change, we will notify you through the daily newspapers.
If you look at your Credit Agreement, which was issued by your Branch you will notice three rates quoted on the page. They are:
Borrowing Rate: The borrowing rate is the interest rate that applies to your loan.
APR: Is the annual percentage rate applied to your loan and it describes the interest rate for a whole year (annualized), rather than just a monthly fee rate. For the purpose of calculating the APR , it is the total cost of the credit including charges such as PPI on a Loan
Reference Rate: The reference rate is an internal rate which the Bank use in determining the borrowing rate on the loan. It includes the cost of funds to the Bank, administration costs for the set-up and maintenance of the loan etc.
If you wish to find out the current rate of the Reference Rate on your loan, please click here.