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Repaying Loan Early

  • 29-10-2019 10:50am
    #1
    Daith
    Registered Users, Registered Users 2 Posts: 5,026 ✭✭✭


    Hi folks,

    I'm looking to get a loan of about €5k. I'll probably be in a position to pay it back earlier.

    For standard banks, An Post, etc, how do you repay it back earlier generally? I presume you need to agree with them but is done by bank transfer, bank draft?


Comments

  • #2
    coylemj
    Registered Users, Registered Users 2 Posts: 25,479 ✭✭✭✭coylemj


    When the loan is setup, they will give you the account number, you just lodge the outstanding balance to that account. Interest is calculated daily and there is always a hidden amount of interest that has accumulated since your last statement so it's a good idea to go into your branch, ask for the up to date balance and pay that off there and then.

    Make sure when you're taking out the loan that the interest rate is variable, if it's not then there definitely will be penalties for early settlement. Not sure about An Post but there should be no problem paying off a variable rate loan with the main banks.


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