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repaying loan early penalty Q

  • 24-11-2008 2:53pm
    #1
    johnnysmack
    Registered Users, Registered Users 2 Posts: 2,108 ✭✭✭


    when banks say there wil b penalties and extra charges if u pay off a loan earlier, how much of a penalty we talkin about? im guessing its based on time left n how much was left? eg €5000 over 4 yrs but u paid it in 2 yrs, would they b adding hundreds in penalty terms?


Comments

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


    It varies. Talk to your bank, and they can advise the exact figure.

    On an unrelated note..text speak is hard to read. You might want to use the full keyboard ;)


  • #3
    KillerShamrock
    Registered Users, Registered Users 2 Posts: 1,405 ✭✭✭KillerShamrock


    Depends on weather its a fixed (possibly) or variable (no) rate loan.
    Plus they only say clearing a fixed rate loan early MAY incur a penalty not WILL. In a few years in the bank i have never seen it actually being applied but thats just me.


  • #4
    Jaysoose
    Closed Accounts Posts: 3,212 ✭✭✭Jaysoose


    I just recently paid off a variable rate loan with no penalty with AIB. :D


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