Unsecured Business Lending up to £25,000

Please find below representative examples of Unsecured Business Loans up to £25,000 and Unsecured Authorised Overdrafts up to £25,000.

Unsecured Business Loan up to £25,000

All examples based on a representative rate of 11.75% p.a. variable (6.75% p.a. fixed + Bank of Ireland UK base rate, currently 5.00% 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

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  16.77% £443.66 £423.91 £5,423.91
2 Year 14.70% £234.78 £734.82 £5,734.82
3 Year 13.98% £165.48 £1,057.11 £6,057.11
4 Year 13.62% £131.06 £1,390.70 £6,390.70
5 Year  13.40% £110.59 £1,735.50 £ 6,735.50

 

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  14.55% £887.32 £747.83 £10,747.83
2 Year 13.54% £469.57 £1,369.63 £11,369.63
3 Year 13.18% £330.95 £2,014.21 £12,014.21
4 Year 13.01% £262.11 £2,681.40 £12,681.40
5 Year 12.90% £221.18 £3,370.99 £13,370.99

 

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  14.55% £ 1,330.98 £1,121.74 £16,121.74
2 Year 13.54% £704.35 £2,054.45 £17,054.45
3 Year 13.18% £496.43 £3,021.32 £18,021.32
4 Year 13.01% £393.17 £4,022.10 £19,022.10
5 Year 12.90% £331.77 £5,056.49 £20,056.49

 

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 14.55% £1,774.64 £1,495.65 £21,495.65
2 Year 13.54% £939.14 £2,739.27 £22,739.27
3 Year 13.18% £661.90 £4,028.42 £24,028.42
4 Year 13.01% £524.23 £5,362.80 £25,362.80
5 Year 12.90% £442.37 £6,741.99 £26,741.99

 

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 14.55% £2,218.30 £1,869.56 £26,869.56
2 Year 13.54% £1,173.92 £3,424.09 £28,424.09
3 Year 13.18% £827.38 £5,035.53 £30,035.53
4 Year 13.01% £655.28 £6,703.51 £31,703.51
5 Year 12.90% £552.96 £8,427.48 £33,427.48

 

Unsecured Authorised Business Overdraft up to £25,000

All examples based on a representative rate of 11.75% p.a. variable (6.75% p.a. fixed + Bank of Ireland UK base rate, currently 5.00% p.a. variable).

Lending set up fee 1% (min. £100) Annual Overdraft fee 0.5% (min. £50).

Lending criteria terms and conditions apply.
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 unarranged overdraft amount will apply. Please refer to our Schedule of Charges for Business Customers brochure below and our Business current account rates for details. Overdrafts are repayable on demand.

 

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 12.28% £713.90 £5,713.90
£10,000 £100 12.28% £1,327.79 £11,327.79
£15,000 £150 12.28% £1991.69 £16,991.69
£20,000 £200 12.28% £2,655.59 £22,655.59
£25,000 £250 12.28% £3,319.49 £28,319.49

All rates are correct as of 02/08/2024.