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The Confirmation Letter For Loan is a essential document in Irish lending practice, typically issued after a loan application has been approved but before the final loan agreement is executed. It serves as an interim binding document that confirms the lender's commitment to provide the loan and outlines the fundamental terms agreed upon. The letter is used across various lending scenarios, from personal loans to commercial facilities, and must comply with Irish banking regulations, including the Consumer Credit Act 1995 and the Consumer Protection Code 2012. This document is particularly important as it provides borrowers with clear, written confirmation of the loan terms, helping ensure transparency and compliance with regulatory requirements for financial institutions operating in Ireland. The letter typically precedes the full loan agreement and may be used as reference during the preparation of the final documentation.

1. Recipient Details: Full name and address of the borrower

2. Reference Information: Loan reference number, application date, and any other relevant identifiers

3. Loan Approval Confirmation: Clear statement confirming the loan has been approved and any conditions precedent

4. Key Loan Terms: Principal amount, interest rate, term of the loan, and repayment schedule

5. Cost of Credit: Total cost of credit, APR, and breakdown of all charges as required by Consumer Credit Act

6. Repayment Details: Payment amounts, frequency, and method of payment

7. Security Requirements: Details of any security or guarantees required for the loan

8. Important Dates: Key dates including first payment date, final payment date, and any cooling-off period