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BOI variable rate [personal] loan

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  • 31-01-2013 10:22pm
    #1
    Veloce
    Registered Users Posts: 1,289 ✭✭✭


    Just a quick query regarding Bank of Irelands variable apr personal loans:

    1) Can such a loan been paid off early without a redemption penalty for the remaining interest?

    2) Also, is there normally a minimum interest that is charged?

    Did some searching on the website and couldn't get definitive answers.

    Thanks in advance.


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    #2
    BuffyBot
    Registered Users Posts: 24,924 ✭✭✭✭BuffyBot


    Variable rates can generally be paid off early with no penalty.

    Minimum interest rate in general? No, because it's variable.

    Minimum interest due on closing? No, generally your interest is calculated to the day of closure.


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    #3
    Veloce
    Registered Users Posts: 1,289 ✭✭✭Veloce


    Thanks!


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    #4
    chris85
    Registered Users Posts: 4,502 ✭✭✭chris85


    BuffyBot wrote: »
    Variable rates can generally be paid off early with no penalty.

    Minimum interest rate in general? No, because it's variable.

    Minimum interest due on closing? No, generally your interest is calculated to the day of closure.

    Variable rates can always be paid off early, not just generally. Its allowed for in the Consumer Credit Act.


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