Bank of Ireland
Competitive top-up loans from 6.5% APR, borrow €2,000–€75,000, flexible repayments with no savings needed. Quick online decision for existing customers.
The Bank of Ireland Top-Up Loan is designed for existing Bank of Ireland customers looking to borrow extra funds on top of their current loan. With variable rates starting at 6.5% APR for select green loans and up to 8.9% APR for standard options, borrowers can access amounts between €2,000 and €75,000 with flexible terms of 1 to 7 years. There is no requirement to hold separate savings with the bank, and you can choose to repay weekly or monthly. For those in full-time study or recent graduates, a special lower rate of 5% APR is available.
How to Apply
To apply, ensure you’re over 18, resident in the Republic of Ireland, and have been making repayments on your existing Bank of Ireland loan for at least 6 months. You’ll need your 365 online user ID and proof of PPSN. Existing customers registered for 365 online can complete an application in as little as 15 minutes. Additional documents may be requested based on your situation.
Key Advantages
One major advantage is the application speed. Current account holders can get a fast decision online, making the process convenient and time-saving. Additionally, you can make extra repayments with no penalty for early settlement, potentially saving on interest costs. Flexible terms and the option to defer initial repayments further enhance borrower flexibility.
Potential Drawbacks
The top-up service is only available to existing Bank of Ireland loan holders, and not available to new customers or those with postgraduate loans. Furthermore, borrowing at the higher end of the APR scale could result in higher overall interest costs compared to some competitors. Those without a Bank of Ireland current account cannot apply through the digital channel and must contact the bank by phone.
Final Verdict
The Bank of Ireland Top-Up Loan stands out for existing customers seeking extra funds and flexible repayment options. Its competitive rates, especially for green loans and students, make it an appealing choice, but be sure to consider the eligibility restrictions before proceeding.
