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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.
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. When you find a great loan deal don’t be tempted to borrow more than you need and repay it as soon as possible.
The best loans have a low APR (Annual Percentage Rate) and are flexible, so you can pay it back on your own terms and keep interest costs low.
18 August 2022: The total value of personal loans borrowed from Ireland’s main lenders has leapt by 20% to €414m, the largest amount since 2020. The Banking and Payments Federation Ireland (BPFI) figures cover lending in the second quarter by AIB, Bank of Ireland, Permanent TSB, KBC, and Avant Money.
14 July 2022: An Post has dropped interest rates on large loans and now offers Ireland’s lowest fixed rate loan for loans over €20,000. With a market-leading APR of 5.9% An Post have bucked the trend whilst interest rates are on the rise.
15th July 2022: KBC, the popular online bank closed for new business in Ireland on 15th July. Fresh applications for mortgages, loans, credit cards and current accounts are no longer being accepted and existing customers will have credit facilities like their mortgage or loan moved to the Bank of Ireland. Current accounts will be closed in the near future.
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.
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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.
Use a personal loans comparison or broker to help you shop around for the best 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.
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.
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.
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.
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.
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.
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.
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.
Lenders use your credit record to help them decide whether you’re creditworthy. Your credit rating is based on your borrowing and repayment history.