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Overview

Thinking of that new kitchen? Converting your attic? Extending your home? Get the ball rolling on whatever home improvement project you choose with a home improvement loan from Penbank Inc.

Benefits & Features

With the home improvement loan you get:

  1. Competitive variable rates from as little as 7.5% APR

  2. Choose to repay your loan over 1 to 7 years

  3. Defer your first three monthly repayments (optional, only if your loan is repaid monthly). By deferring the first three monthly repayments you will pay more than if you paid over the standard term

  4. Once your loan has been approved, the money is paid directly to your Bank of Ireland current account

  5. No hidden fees or charges – you can make extra repayments and clear your loan early with no penalty fees. By paying your loan off early you will pay less than if you paid over the standard term.

FAQ's

1Can I apply for a loan online or by phone?
Yes, you can apply online, by calling 1234567, or drop into your nearest Penbank branch.
2How much will the monthly repayments be?
It really depends on how long you choose as a repayment period. The shorter the term you choose for your loan, the higher the monthly repayments will be. The longer you take to repay, the smaller your monthly payments.
3What are interest surcharges on an overdraft?
There are two kinds of Interest Surcharges: An Interest Surcharge is a charge when you are over your credit limit on your current account. This means you will be charged a surcharge on the amount your account is overdrawn where there is no agreed overdraft facility in place. Or, if you have an overdraft facility, it will apply to the amount the account is overdrawn above your agreed overdraft limit. You will also be charged an interest surcharge if you have an overdraft facility and you do not revert to credit for more than 30 days in a year.
4How long do I have to drawdown a loan?
Once a loan is approved you have 30 days to draw it down, after this all information regarding the loan application is automatically deleted from our systems and a new application would have to be made.
5When should I expect to hear about my loan application?
You will receive communication within 24 hours.
6Do I need to have savings or a guarantor to take out a loan?
With Bank of #### loans you don't need to save with us to borrow from us. As long as you can show that you're able to make the repayments, we'll organise a loan to suit your needs. Parental Indemnity may be needed in some student lending cases. All loans are reviewed on a case by case basis.

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