Bank of Ireland Loans Review | www.bankofireland.com
Address: PO Box 2124, Belfast, BT1 9RS.
Branding: Bank of Ireland UK Loans. AKA: Bank of Ireland Loans, BOI.
FCA Licence: 634241.
From: Bank of Ireland Group.
Related: Northridge Finance, Post Office, The AA.
Bad Credit Bank of Ireland Loans Available?: No.
Manage: Bank of Ireland login provided via www.365online.com.
Offers: Personal loans.
Opening Hours: Monday to Friday (8.30am/8pm), Saturday (9am/2pm).
Sums: £1000 and £25,000 (new and returning).
Terms: 6 to 60 months.
£96.40 /£1000 (12).
£127.80 /£1000 (24).
£449 /£10,000 (12).
£833 /£10,000 (24).
Notes: APR at £1k is 19.9%. At £10k, the rate varies at 8.6% (12) and 8.1% (24). A £65 arrangement fee is always included. We have covered their NI division here rather than ROI that is showcased on a different subdomain. Qualification requires the applicant residing in Northern Ireland. They don’t need to have an existing current account with them though. If you are based in other parts of the UK then just head to Post Office or The AA. Applications are processed on working days only before a 4.30pm cut-off time and so payouts should take a week or so. In regards to domains, they did use www.bankofireland.co.uk, but this now redirects to boini.bankofireland.com. Account logins are taken at www.365online.com. Just to add that the Group’s head office address is 40 Mespil Rd, Dublin 4.
– Amounts: Even non banking customers can access as much as £25,000.
– Branches: There has been a few NI branch closures in recent years. The current tally should sit at around 35 or so. It is not clear how big their network is in ROI where they are the market leader. In essence, BOI now operates through more high street outlets than any other British banks. This is when you factor their partnership with the Post Office that began in 2004. This partner has 11,500 branches and it is BOI that issues all of their banking products.
– Experience: Formed by Royal Charter back in 1783. This makes them the oldest Irish bank in continuous operation (with the exceptions of a few strikes).
– Operations: Phone support is provided for a few hours on Saturdays. As marked above though, loan applications are only processed on working days.
– Ownership: The Group controls the Irish banking market sitting ahead of AIB and Ulster. It has been reported that 56% of their profits arise from ROI. There was struggles through the banking crisis, but profits started to again creep in from 2014 onwards.
– Profile: There is no such dominance across NI. Their potential impact across the entire UK could however be huge over the coming years through their partnership with the Post Office. Many banks have been closing down branches in volume in the era of web banking. There will however always be a core band of potential customers looking for handy local outlets especially in less built up areas. This is where the vast partner network close to 11,500 can really make a difference and this should help to boost BOI’s profile and profits. Their partner has already notched up 3 million customers. The AA should also be generating plenty of business themselves.