If you have a new account but are having problems posting or verifying your account, please email us on hello@boards.ie for help. Thanks :)

Hello all! Please ensure that you are posting a new thread or question in the appropriate forum. The Feedback forum is overwhelmed with questions that are having to be moved elsewhere. If you need help to verify your account contact hello@boards.ie

repaying loan early penalty Q

johnnysmack · 2008-11-24 14:53:49

when banks say there wil b penalties and extra charges if u pay off a loan earlier, how much of a penalty we talkin about? im guessing its based on time left n how much was left? eg €5000 over 4 yrs but u paid it in 2 yrs, would they b adding hundreds in penalty terms?

Options

24-11-2008 3:53pm

#1

johnnysmack

Registered Users Posts: 2,108 ✭✭✭

Join Date: March 2006

Posts: 2014

when banks say there wil b penalties and extra charges if u pay off a loan earlier, how much of a penalty we talkin about? im guessing its based on time left n how much was left? eg €5000 over 4 yrs but u paid it in 2 yrs, would they b adding hundreds in penalty terms?

0

Comments

Options
#2 24-11-2008 5:19pm
BuffyBot

Registered Users Posts: 24,924 ✭✭✭✭

Join Date: February 2002

Posts: 23571

It varies. Talk to your bank, and they can advise the exact figure.

On an unrelated note..text speak is hard to read. You might want to use the full keyboard

0
Options
#3 24-11-2008 9:17pm
KillerShamrock

Registered Users Posts: 1,393 ✭✭✭

Join Date: December 2004

Posts: 1317

Depends on weather its a fixed (possibly) or variable (no) rate loan.
Plus they only say clearing a fixed rate loan early MAY incur a penalty not WILL. In a few years in the bank i have never seen it actually being applied but thats just me.

0
Options
#4 28-11-2008 11:59am
Jaysoose

Closed Accounts Posts: 3,212 ✭✭✭

Join Date: June 2008

Posts: 3154

I just recently paid off a variable rate loan with no penalty with AIB.

0