Personal Loan – Important Information (Adequate Explanations)
Before you apply for your loan, we must provide you with important information regarding the Bank of Ireland UK Personal Loan. You should consider the information carefully to make sure you fully understand the Personal Loan and that it meets your needs.
- Features of the agreement which may make a Personal Loan unsuitable for particular types of use.
A fixed rate personal loan provides you with a lump sum which can be used to spread the cost of more expensive items, such as home improvements or a new car, over a pre-agreed term. It is not suitable to fund day to day expenditure or for use as a deposit for other credit agreements. For example, paying the deposit for a property would be an unsuitable use for a personal loan.
- Debt consolidation (only applies if you are consolidating existing debt).
Please be aware that debt consolidation loans
- may result in your repayment period increasing
- may result in you paying a higher rate of interest or charges or both.
Where we know from the information you have provided us that your loan application will result in either of these scenarios, we will inform you. You must then decide if a consolidation loan meets your specific needs.
- How much will you have to pay?
The total amount you have to repay will depend on the value of the loan and the length of time chosen to pay it off.
When you apply for your loan we will give you information that’s specific to your loan application detailing your loan repayments and APR. The monthly payments and total amount payable are shown in the Financial Information on the first page of the agreement. It is important that you read this information before entering into an agreement.
Before applying for credit, you should be satisfied that you can afford the monthly repayments over the full term of the loan.
- Consequences of failure to make agreed repayments.
If you fail to make your monthly repayment when it is due additional interest and charges may apply and the total cost of the debt will grow. Failure to make your monthly repayment can affect your credit rating which may have severe consequences on your ability to obtain future credit or make future credit more expensive. It may also result in legal proceedings, including court action and associated costs, against you. These legal proceedings may include applying for a charging order (or an inhibition order in Scotland) to be placed against a property you own for the amount you owe. If, at any time, you find that you are struggling to keep up the repayment of your loan please contact us immediately so that we can discuss the options available to you.
- Right of withdrawal from the agreement.
If your loan application is successful you have a further 14 days from the day after you receive your acceptance letter to withdraw from your loan agreement without penalty. If you wish to withdraw from your loan agreement, you may phone us or put your request in writing. The address and phone number are also stated in the loan agreement.
If you withdraw from the loan agreement you will be required to repay any amounts, including interest due, within 30 days. Once you have settled the amounts outstanding the agreement will come to an end.
- If you have any questions or require further information.
If, for any reason, you feel you don’t fully understand the Bank of Ireland UK Personal Loan or the commitment you’re entering into, please feel free to ask any questions by calling us on 0800 0850 444. We would also encourage you to take time to consider your application or to discuss it with a family member or friend.
All the information given here will be repeated in the application pack. This includes your loan agreement along with Standard European Consumer Credit Information, which shows you your repayments and has a personalised APR.
Please take time to read and consider this, and again you can contact us if you have any questions whatsoever.
Bank of Ireland UK personal loans are provided by NIIB Group Limited trading as Northridge Finance. Bank of Ireland (UK) plc and NIIB Group Limited are Bank of Ireland Group companies.
- Additional Information for Joint Applications Only
In the case of joint applications where you are applying online and both applicants are not present you must complete your details as the 1st applicant. The 2nd applicant will be contacted by phone to ensure they are verbally provided of this important information.
If we are unable to contact the 2nd applicant and provide this important information we will not be able to proceed with the application.