Unsecured Business Loan up to £25,000
All examples based on a representative rate of 12.00% p.a. variable (6.75% p.a. fixed + Bank of Ireland UK base rate, currently 5.25% p.a. variable).
Lending set up fee 1% (min. £100) Annual Overdraft fee 0.5% (min. £50).
Lending criteria terms and conditions apply.
What is a Representative APR?
APR stands for Annual Percentage Rate. This is used as a measure of how much it costs to borrow money. This rate gives customers an accurate representation of how much they are being charged when they are taking out a loan over a set period. It allows customers to compare the total amount repayable. The total amount repayable includes both interest and any associated upfront fees or charges.
Example:
|
Loan Size £5,000 |
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| Term | Representative APR | Monthly Repayment | Total Charge for Credit Incl. £100 lending set up fee |
Total Amount Repayable Incl. £100 lending set up fee |
| 1 Year | 17.06% | £444.24 | £430.93 | £5,430.93 |
| 2 Year | 14.99% | £235.37 | £748.82 | £5,748.82 |
| 3 Year | 14.27% | £166.07 | £1,078.58 | £6,078.58 |
| 4 Year | 13.90% | £131.67 | £1,420.12 | £6,420.12 |
| 5 Year | 13.68% | £111.22 | £1,773.33 | £ 6,773.33 |
|
Loan Size £10,000 |
||||
| Term | Representative APR | Monthly Repayment | Total Charge for Credit Incl. £100 lending set up fee |
Total Amount Repayable Incl. £100 lending set up fee |
| 1 Year | 14.84% | £888.49 | £761.85 | £10,761.85 |
| 2 Year | 13.82% | £470.73 | £1,397.63 | £11,397.63 |
| 3 Year | 13.47% | £332.14 | £2,057.15 | £12,057.15 |
| 4 Year | 13.29% | £263.34 | £2,740.24 | £12,740.24 |
| 5 Year | 13.18% | £222.44 | £3,446.67 | £13,446.67 |
|
Loan Size £15,000 |
||||
| Term | Representative APR | Monthly Repayment | Total Charge for Credit Incl. £150 lending set up fee |
Total Amount Repayable Incl. £150 lending set up fee |
| 1 Year | 14.84% | £ 1,332.73 | £1,142.78 | £16,142.78 |
| 2 Year | 13.82% | £706.10 | £2,096.45 | £17,096.45 |
| 3 Year | 13.47% | £498.21 | £3,085.73 | £18,085.73 |
| 4 Year | 13.29% | £395.01 | £4,110.36 | £19,110.36 |
| 5 Year | 13.18% | £333.67 | £5,170.00 | £20,170.00 |
|
Loan Size £20,000 |
||||
| Term | Representative APR | Monthly Repayment | Total Charge for Credit Incl. £200 lending set up fee |
Total Amount Repayable Incl. £200 lending set up fee |
| 1 Year | 14.84% | £1,776.98 | £1,523.71 | £21,523.71 |
| 2 Year | 13.82% | £941.47 | £2,795.27 | £22,795.27 |
| 3 Year | 13.47% | £664.29 | £4,114.30 | £24,114.30 |
| 4 Year | 13.29% | £526.68 | £5,480.48 | £25,480.48 |
| 5 Year | 13.18% | £444.89 | £6,893.34 | £26,893.34 |
|
Loan Size £25,000 |
||||
| Term | Representative APR | Monthly Repayment | Total Charge for Credit Incl. £250 lending set up fee |
Total Amount Repayable Incl. £250 lending set up fee |
| 1 Year | 14.84% | £2,221.22 | £1,904.64 | £26,904.64 |
| 2 Year | 13.82% | £1,176.84 | £3,494.08 | £28,494.08 |
| 3 Year | 13.47% | £830.36 | £5,142.88 | £30,142.88 |
| 4 Year | 13.29% | £658.35 | £6,850.60 | £31,850.60 |
| 5 Year | 13.18% | £556.11 | £8,616.67 | £33,616.67 |
Unsecured Authorised Business Overdraft up to £25,000
All examples based on a representative rate of 12.00% p.a. variable (6.75% p.a. fixed + Bank of Ireland UK base rate, currently 5.25% p.a. variable).
Lending set up fee 1% (min. £100) Annual Overdraft fee 0.5% (min. £50).
Lending criteria terms and conditions apply.
What is a Representative EAR:
EAR stands for Effective Annual Rate. This represents the yearly cost of borrowing money and considers the interest rate and how often interest is compounded. There are no fees included in this calculation.
Example:
|
1 Year |
||||
| Overdraft Size | Lending set up Fee | Representative EAR | Cost of Credit | Total Amount Repay |
| £5,000 | £100 | 12.55% | £727.54 | £5,727.54 |
| £10,000 | £100 | 12.55% | £1,355.09 | £11,355.09 |
| £15,000 | £150 | 12.55% | £2032.63 | £17,032.63 |
| £20,000 | £200 | 12.55% | £2,710.18 | £22,710.18 |
| £25,000 | £250 | 12.55% | £3,387.72 | £28,387.72 |
There are charges involved when taking out a business overdraft. Should you exceed any arranged authorised overdraft, additional charges and a higher rate of interest on the arranged overdraft amount will apply. Please refer to our Schedule of Charges for Business Customers brochure and our Rates and Products Guide for details. Overdrafts are repayable on demand.
All rates are correct as of 04/08/2023.