settlement figure

snowy2008

ive a very small (€3k) loan with bank of ireland, i asked them for a settlement and they just gave me the balance, is there anyway i could get them to knock off a bit if i paid early? ive already paid a thousand off

K_P

If you pay it off early, you'll save on interest automatically. If I'm understanding you correctly and you want the bank to knock a chunk off the capital repayment (ie, you borrow €3k but only pay them back €2.5k) then by all means ask but I've a feeling you'll be laughed out of there.

jor el

What incentive would there be for them to knock money off the loan amount? If this was a fixed rate loan, there may be penalties to pay for paying it off early and you may not even save on the interest.

Welease

In short, I doubt it.. The bank makes it's money from the interest they are charging you.. If you repay early they don't make that money, so most will charge an early settlement fee.

Cabaal

I don't see why they'd knock anything off, its a loan,...banks make money from loans, why would they want to loose money?

dudara

Moved to Banking & Insurance & Pensions

dudara

BuffyBot

Very, very unlikely.