Bank of Ireland

Is a fixed rate personal loan right for you?

Before you apply for your loan, you should consider the following information carefully to make sure that you fully understand the Fixed Rate Personal Loan product and make sure it meet your needs

Features of the agreement which may make the credit unsuitable for particular types of use

A Fixed Rate Personal Loan provides you with a lump sum which can be used to spread the cost of more expensive items, such as a home improvements or a new car, over a pre-agreed term. However you should bear in mind that the term of the loan should not exceed the life of your purchase. It should be used for mid to longer term borrowing needs, and is not suitable to fund day-to-day expenditure or for use as a deposit for other credit arrangements. For example, paying the deposit for a property would be an unsuitable use for a personal loan.

How much will you have to pay?

Your interest rate is fixed for the duration of the loan so you monthly repayments will always be the same.

When you apply for your loan we will give you information that’s specific to your loan application detailing your loan repayments and APR. This will be detailed in a Standard European Consumer Credit Information (SECCI).

For example based on a representative 9% APR, for just £196.20 per month, you can borrow £8,000 over 4 years, that’s 48 monthly payments, total amount payable £9,482.60, including an arrangement fee of £65.

Consequesnces of a failure to make payments

If you fail to make your monthly payment when it’s due, it can affect your credit rating.

This may have severe consequences on your ability to obtain future credit. It may make future credit more expensive or may result in legal proceedings including court action and associated costs against you. These legal proceedings may include applying for a charging order (or an inhibition order in Scotland) to be placed against a property you own for the amount that you owe.

If you find you’re struggling to keep up with the repayment of your loan please contact us immediately so that we can discuss the options available to you.

Right of withdrawal from the agreement

You will have 14 calendar days from the day after you receive your acceptance letter to withdraw from your Agreement without giving any reason. If you wish to do so, you can notify us in writing or call us. If you withdraw from the Agreement you will be required to repay any amounts, including any interest due, within 30 days. Once you have settled the amounts outstanding, the agreement will come to an end.

If you have any questions about the information provided or would like further information about Fixed rate Personal Loans please ask a member of staff in the Branch or contact 0800 0850 444 .