Can I make overpayments on my loan?

When you take out a loan, the amount you’ll pay back each month will be worked out based on the amount you decide to borrow and the period of time in which you choose to pay it back.

But over time your financial situation may change. You may find that you have some extra money each month which you want to use to pay off your loan faster.

All IrishSavings loans give you this flexibility, allowing you to repay more each month than you originally agreed. We refer to this as an overpayment.

Why make an overpayment?

• Making overpayments will reduce the loan term so you’ll pay it back faster.
• You could also be entitled to a reduction in the total amount of interest owed.

How is the reduction in interest calculated?

You only pay interest on the outstanding balance of any loan so, if you pay back more than you originally agreed each month and pay the loan back earlier than expected, we can recalculate the total amount of interest you’ll pay.

In order to do this you need to let us know in advance that you’d like to start making overpayments.

How to tell us that you want to make overpayments

Call us on +(353) 00 IRISH-SAEA*. Lines are open 8am – 10pm Monday to Friday, 8.30am – 6pm Saturday and 9.30am – 5.30pm Sunday and calls are free from landlines.

Note that your original direct debit will still continue and you will be asked to set up a second payment in addition to it.

We can also give you your outstanding loan amount if you’re unsure.

Are there any charges?

You won’t be charged for making an overpayment on a loan with IrishSavings.

I want to make an early repayment

If rather than having a little extra every month, you have a one off lump sum which you’d like to use to help repay your loan early, you might also want to learn more about making an early repayment.