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Loan repayment early- No saving over life of loan

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  • 21-01-2020 3:06pm
    #1
    Skyrimaddict
    Registered Users Posts: 813 ✭✭✭


    Hello. 

    I recently paid off 2 loans early. In both cases they were at the half way mark if the term of the loan. 

    When I did some calculations on this, it turned out that the savings to be made doing this were non existent. 

    Looking at APR ( Annaul Percentage repayment) I am actually still unclear as to how this is possible. surely paying loans off in half the time should net some saving?

    I also logged a complaint with the bank when I made the call in October payoff the loans, but to date have had no call back or follow up


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    #2
    Bank of Ireland: Aisling
    Closed Accounts Posts: 487 ✭✭Bank of Ireland: Aisling


    Hello there,

    Thanks for getting in touch with us here on Boards this afternoon.

    We would be happy to help as best we can, would it be possible to send us a PM with more information on this so we can look in to this further for you.

    Thanks,
    Aisling.


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