Pay As You Grow application form

If you are entering information on behalf of another party on the account, please ensure you have obtained their permission to do so and that you have shared a copy of our privacy notice. This can be found here: https://www.bankofirelanduk.com/site-links/privacy-notice/

You are not eligible for Pay As You Grow. However if you are worried about your finances, please contact us at: BBNICovid-19@boi.com

We would like to understand your circumstances and discuss the most suitable options available to you before progressing your application. Please click the submit button and we will aim to contact you within 48 hours.

You can also contact external organisations for free advice. Further details, can be found on our PAYG webpage.

We would like to understand your circumstances and discuss the most suitable PAYG options available to you before progressing your application. Please click the submit button and we will aim to contact you within 48 hours.

You can also contact external organisations for free advice. Further details, can be found on our PAYG webpage.

The following Pay as you Grow options are available to you throughout the course of your loan term. These were detailed in the communications we issued to you. These are as follows:

1. If you expect to be in a better position to repay in the future:

a. You could reduce your monthly repayments for 6 months by paying interest only.

• For example, on a loan of £50,000 this would reduce monthly payments from £887.37 to £104.17.
• The total amount you owe will go up. This is because your interest costs increase as you’re repaying your loan over a longer period.
• This option is available up to three times during the term of your Bounce Back loan.
• If you select this option, you’ll need to wait until the end of the 6-month period before you can use any other option.

b. You could take a payment holiday for 6 months.

• You’ll make no capital repayments or interest payments during this time.
• You can use a full repayment holiday once during the term of your loan.
• The total you owe will go up. This is because your interest costs increase as interest accrues during the payment holiday and you’re repaying your loan over a longer period.
• If you select this option, you’ll need to wait until the end of the 6-month period before you can use any other option.

2. If you’re only able to repay a smaller amount:

You could request an extension of your loan term from 6 years to 10 years at the same interest rate of 2.5%*.

• Extending to 10 years would reduce monthly payments on a loan of £50,000 from £887.37 to £517.48.
• You’ll accrue more interest, so the total amount repayable on a £50,000 loan would increase to £55,887.61, unless you repay early.

*If you’re considering this option, you should think carefully about your ability to repay over a longer timeframe, taking into account such things as if you intend to cease trading or retire within the revised term of your Bounce Back Loan.

3. Combination of PAYG Options

You can use options 1 and 2 together if you need to. Both options 1a and 1b will be available throughout the course of your loan term.

We have a number of different resources to help you understand the impact on monthly repayments and overall cost on your loan from utilising a Pay as you Grow Option, depending on your circumstances.

Use our Online Calculator

If you would like to proceed with a Pay As You Grow option but do not want to complete the PAYG online application form or if you require assistance in understanding your options, please complete the PAYG Enquiry form and we will aim to contact you within 48 hours