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Personal loan query

  • 17-04-2006 8:43am
    #1
    EireRoadUser
    Closed Accounts Posts: 650 ✭✭✭


    I'm an AIB customer and got a loan from them for a laptop computer last october.
    I asked for 1200 euro and ended up paying 1300 with the interest added on.

    My query is twice since then I've been charged 30euro and then 20 euro in interest changes and it looks like every two months they will charge me .
    This will result in me paying twice the amount of interest I thought I would for a loan thats only just over a grand.

    I'm annoyed because I could have easily bought the laptop without a loan ,but i thought a loan wouldn't cost much. How do people cope with this lark ??


Comments

  • #2
    Oryx
    Subscribers Posts: 19,425 ✭✭✭✭Oryx


    Not quite following you here. Who did you pay 1300 to? Sounds like standard personal loan procedure to charge you interest every quarter. Can you elaborate a bit?


  • #3
    EireRoadUser
    Closed Accounts Posts: 650 ✭✭✭EireRoadUser


    Sorry for being mumbbly about it ,just a little annoyed about it.

    Got a loan for 1200 euro ,the loan ended up with me signing for 1320 or thereabouts.
    Me being a mere mortal thought that this was the only interest I had to pay.

    My concern is why I start off with 1320 or thereabouts if the interest is calculated during the loan??? what was the point in adding on the interest at the start of the load if they can keep charging me interest during the loan.

    If I'm not clear ,I'm sorry .Thats probably 80% of my problem ,I haven't a clue.


  • #4
    shoegirl
    Registered Users, Registered Users 2 Posts: 2,029 ✭✭✭shoegirl


    Different banks charge their interest in different ways.

    You were probably given a variable rate loan, and this is usually calculated quarterly. However if the loan rate went up (which it would have, as interest rates have been rising over the last year) this would also increase the interest.

    Some banks do offer fixed rate loans that will tell you exactly what you will pay in advance and not a penny more (NIB are very good in this regard - I borrowed 3k from them to buy a small car and the interest only came to around 360 or so - excellent considering that at the time my credit rating was simply awful). Also note that the offerrings from AIB and Bank of Ireland are usually extortionate compared to smaller players in the market.


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