Ireland’s best loan rates
We help you compare the best online loans in Ireland for low cost borrowing. Use our loan calculator to find the best rates on personal loans and home improvement loans.
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Guide
Your complete guide to loans in Ireland
Loans can provide a financial lifeline but borrowing can be costly. Discover all you need to know about loans in Ireland and find out how to get the best rates.
- Part 1 How loans work
- Part 2 Types of loans
- Part 3 Where to get a loan
- Part 4 Choosing the right loan
- Part 5 Applying for a loan
- Part 6 Loan repayment calculator
Our expert says
A personal loan can provide a financial helping hand for life’s big purchases.
Loans are a cost-effective way to fund home improvements, purchase a new car or cover unexpected costs. They allow you to pay upfront for the things you need and spread the cost of repayments. If you manage your money well and make repayments on time, an unsecured loan is an ideal way to borrow and stay within your budget.
Our advice is always shop around to compare interest rates and total costs. A loan calculator is a handy way to work out what you can afford to borrow and repay monthly. At the moment fixed rate loans are more expensive then variable rate loans, but the interest rate may go up or down throughout the period of the credit agreement.
When you find a great loan deal don’t be tempted to borrow more than you need and repay it as soon as possible to keep interest costs down. Remember, failure to meet repayments can negatively impact your credit rating and your ability to access credit in the future.
The best loans have a low APR (Annual Percentage Rate) and are flexible, so you can pay it back on your own terms and reduce loan costs.
The Central Bank regulates financial services and facilities provided by lenders and credit intermediaries, so make sure you borrow from an authorised lender.
Eoin Clarke
Latest Update
Loans roundup
Personal loan drawdowns reach record highs this year
05/11/2024: Personal lending has reached record highs, with a total of 60,647 loans worth €641m drawn down between April and June this year - the most ever recorded in that time frame.
New figures from the Banking and Payments Federation Ireland (BPFI) show a 7.6% jump in volume and 18.9% in value compared to 2023, with car loans topping the list.
Car loans increased by 12.4%, while car loan values were up 18.9% (€683) to €12,605. Home improvement loans jumped in value, too, increasing by around €1,600 to €12,568.
Green loans were up 2.9% and with an average value of €22,933, they were more than twice that of an average personal loan, which was €10,560.
An Post Money has dropped interest rates for some personal loans
03/09/2024: An Post has changed the fixed interest rates on personal loans. The minimum interest rate on personal loans between €5,000 and €19,999 has dropped to 8.2% APR.
An Post’s Electric Vehicle loan rate has dropped by over 1% and now starts at 6.9% APR for loans over €20,000.
For personal loans between €20,000 and €75,000, the rate has increased and now starts at 7.3% APR.
Avant Money reduces rate on loans over €20,000
03/09/2024: Avant Money has made changes to their personal loan rates. As of 3 September it has reduced the borrowing rates for personal loans over €20,000 to start at 6.8% APR.
Personal loan rates for borrowing between €5,000 and €19,999 now start at 8.7% APR.
AIB and Bank of Ireland now offering low-cost Home Energy Upgrade loans
26/06/2024: Two more banks have now joined the government-backed Home Energy Upgrade Loan Scheme.
AIB and Bank of Ireland are the latest financial institutions to offer loans under the scheme, with rates starting from as low as 3%. The participation of these banks, along with PTSB, means three banks are now offering these low-rate loans for a broad range of home energy upgrades.
Under the Home Energy Upgrade Loan scheme, unsecured loans of between €5,000 and €75,000 will be available for terms of one to ten years.
New low-cost home retrofit loans announced at half standard interest rates
25/04/2024: Home retrofit loans are available from 24 May 2024 at almost half the rate of similar loans.
PTSB is the first lender to offer the new government-backed Home Energy Upgrade Loan scheme at a rate of 3.55%. AIB, Bank of Ireland, Avant Money and some credit unions are expected to join the scheme soon.
Under the Home Energy Upgrade Loan scheme, unsecured loans of between €5,000 and €75,000 will be available for terms of one to ten years.
Loan calculator
Our personal loan calculator can help you work out your monthly repayments and interest in just a few clicks. See how much your online loan costs from Ireland’s leading lenders.
We can help you compare:
- Annual Percentage Rate (APR)
- Total repayment costs
- Monthly repayments
- Loan repayment terms
Our borrowing tips
Whether you’re planning a kitchen refit or buying a new car, a loan can boost your finances and help you turn goals into reality. Here’s how to borrow wisely and stay in control of loan costs.
Shop around and compare loan costs
Use a personal loans comparison tool or broker to help you find the best persoanl loan rates. Compare the APR, total loan costs for the term and monthly repayments. Check out any other benefits offered such as payment holidays or flexible terms.
Only borrow what you can afford
Think carefully about how much you need to borrow. If you can pay for something with savings, then use your savings first. Keep your loan to the minimum and don’t be tempted to borrow more than you need. If you’re using the loan for a big purchase use as much cash upfront as you can afford.
Keep your loan term as short as possible
The more quickly you can pay back your loan, the less interest you’ll pay in total. A shorter loan term will increase monthly payments and a longer term will reduce them.
To find the sweet spot, use a loan calculator to determine how much you can afford to repay in the shortest time period.
Beware hidden costs and fees
Some lenders will charge you for early repayment, but more lenders are now offering flexible payment terms which means you can repay early without penalty. Banks will also charge for late or missed payments, so make sure you check the T&Cs and know what extra fees could be incurred during the loan period. Opt for a flexible loan if possible and watch out for any loan set-up fees hidden in the fine print.
Clean up your credit record
Before you apply for a loan, check your credit record is up to date and in good shape. Our guide How to check your credit record tells you how to check and boost your credit rating so you can be confident of loan approval. A good credit rating increases your chances of loan approval and a favourable interest rate. A bad credit rating means you may face difficulty getting a loan. Poor credit can also limit your ability to access credit, get a hire-purchase agreement, mortgage, car finance, or BNPL.
What you need to know
What does APR mean?
It’s short for Annual Percentage Rate (APR) and shows the annual loan costs. It includes lender fees and interest and helps people compare loan costs fairly.
What is the repayment term?
It’s the length of time you borrow money. Unsecured loans are offered for between one and 10 years and many lenders allow you to choose the term.
Fixed or variable rate loan?
A fixed rate means interest and monthly repayments stay the same over the loan term. A variable rate means your repayments may differ based on the interest rate.
What is a credit record?
Lenders use your credit record to help them decide whether you’re creditworthy. Your credit rating is based on your borrowing and repayment history.