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Personal Loan

  • 27-04-2017 6:04pm
    #1
    kop77
    Registered Users, Registered Users 2 Posts: 820 ✭✭✭


    Hi,

    I'm almost half way through my personal loan (variable rate) and I was wondering if I was to pay a lump sum off the balance would my monthly repayments go down or do I just save on interest?

    thanks,


Comments

  • #2
    Aka Ishur
    Registered Users, Registered Users 2 Posts: 740 ✭✭✭Aka Ishur


    kop77 wrote:
    I'm almost half way through my personal loan (variable rate) and I was wondering if I was to pay a lump sum off the balance would my monthly repayments go down or do I just save on interest?

    For my loan, it was a direct debit set up, so payments stay the same. It's not like a credit card where payments are x% of the outstanding balance. Interest would be reduced and you would be making less payments overall.


  • #3
    Bank of Ireland: Tara P
    Closed Accounts Posts: 573 ✭✭✭Bank of Ireland: Tara P


    kop77 wrote: »
    Hi,

    I'm almost half way through my personal loan (variable rate) and I was wondering if I was to pay a lump sum off the balance would my monthly repayments go down or do I just save on interest?

    thanks,
    Hi kop77, 

    Thank you for contacting us here on Boards.ie. 

    We would need to have access to your bank account to check your specific Loan. If you would like to send a Private message with your name, contact number and your account holding branch we will be happy to request a call back from an advisor at your branch.

    To send private message please click link below in my signature. 

    Thanks, 
    Tara C


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