Term Loan
Are you thinking about investing in your business? Do you need to fund capital spending? Our Term Loan can offer a flexible solution. We have a range of payment options to suit your cashflow.
Key features
- A way to fund assets over an agreed term.
- Repayment options to suit your cashflow. You can choose to repay monthly, every 3 months, every 6 months or yearly.
- Interest rates are variable. This means they can rise and fall with market interest rates
- Fixed rate loans are available. Repayments are fixed, so you’ll know exactly what you’re paying. (Terms and Conditions apply).
Important information about variable interest rates
Our loan interest rates are made of two parts: the Bank of Ireland UK base rate and a margin rate. The interest rate is variable and will change if either part changes. Any changes to the base rate or any decrease in the margin rate will normally take effect immediately.
The Bank of Ireland UK base rate is currently 4.75%.
The ‘margin rate’ is the amount we charge on loans over our base rate.
If we increase the margin rate we’ll give you at least one months’ notice and will let you know the options available to you at that time. We may not automatically change your loan repayment when the Bank of Ireland UK Base Rate changes. If you wish to change your loan repayment, you can contact your Account Manager at any time.
The table below shows what to expect when our Base Rate changes and you don’t change your loan repayment.
| When the Bank of Ireland UK Base Rate Changes | The impact on your loan term | The impact on the interest you will pay |
| If the Bank of Ireland UK Base Rate goes up | It will take you longer than agreed to repay your loan.
|
You will pay more interest on your loan. |
| If the Bank of Ireland UK Base Rate goes down | It will mean you will pay off your loan faster. | You will pay less interest on your loan. |
Typical repayment amounts
Find out more about typical repayment amounts for loans up to £25,000. Click here to visit our Unsecured Business Lending page Unsecured Business Lending
Important information about Term Loans
You can have a Term Loan along with other types of borrowing.
The repayment term depends on the loan purpose.
A Term Loan can be used for buying, growing your business or buying property.
- You are not required to open or maintain a business current account with Bank of Ireland UK in order to obtain or manage a business loan or a business deposit account.
- You are able to switch your Business Current Account to another provider while retaining your business loan with Bank of Ireland UK.
- You are able to use another provider to manage your business banking while retaining your business loan with Bank of Ireland UK.
- Security, including a personal guarantee may be required to support your borrowing requirements. There may be additional cost if security is required.