An APS Bank personal loan can help you achieve your dreams sooner or bridge your finances in case of unforeseen expenses.
A personal loan may be used to:
• finance the furnishing of your home;
• purchase your domestic appliances;
• put you in the driving seat of your new car;
• purchase your new computer system;
• landscape your back/front garden(s);
• install your new air-conditioning or central heating system;
• meet any other financial requirement you may have.
You can borrow any amount from €2,500 upwards and pay it back over any period up to 5 years. The interest rate is variable, pegged to the Bank's Base Rate of interest.
To be considered for a personal loan you must have been in a steady employment for the past two years and the monthly Personal Loan repayment does not account for more than 20% of your gross income. If you are employed on a definite contract, the term of your employment is to be at least six months longer than the repayment terms of your Personal Loan facility.
Secured or Unsecured Personal Loan Facilities
The lowest cost of borrowing depends on whether the Personal Loan facility is secured or not. A Secured Personal Loan facility normally attracts the lowest cost of borrowing. You may opt to offer something as security such as your home or a pledge on an investment or a bank account to provide collateral. The more readily-realisable the security being offered is, the leaner the rate of interest applicable to your Personal Loan facility. Your security is safe as long as you adhere to the loan repayment arrangement.
Unsecured Personal Loans are not backed by any type of security. The granting of such facilities is based on your ability to repay that Personal Loan facility. Such assessment is based on whether you have enough disposable income, your track record with the Bank, and any other good record of repaying any previous loans with any other bank. An unsecured loan facility has a higher rate of interest as it involves the Bank in a higher credit risk than a secured loan facility.
No Repayment in the first month
Once you have received the loan funds in your account, your first Direct Debit (effected by standing order) will not be collected for a following 30 days, giving you a month free of payments to enjoy your money.
Loan repayments are only effected by Direct Debit; this means that your current account or savings account is automatically debited by the amount of the monthly repayments. This is the same account that your monthly salary or weekly or fortnightly wage would be directly credited by your employer. Paying by Direct Debit is safer and less time consuming than paying by cash or cheques.