Compare Ireland’s best personal loans
Find the cheapest loans from Ireland’s top lenders. Calculate loan costs from €1,000 to €75,000 for any purpose and get approved fast.
How do personal loans work?
A personal loan in Ireland is an unsecured loan, which you can borrow as a fixed lump sum of money from a lender (like a bank, credit union, or financial institution).
You’ll sign an agreement to repay the full amount, plus interest (expressed as the APR (Annual Percentage Rate), through fixed monthly instalments over a set period usually ranging from one to ten years.
What is the maximum personal loan?
In Ireland, the maximum amount you can borrow is €75,000. However, people typically take out an online personal loan for smaller amounts, such as between €1,000 and €10,000.
A larger, long term loan may take longer to approve, and you may not be able to complete the full application process online.
Larger loans may come with lower interest rates, but don’t borrow more than you need.
The latest release by the Banking and Payments Federation Ireland (BFPI) reports personal loans have soared to highest levels on record, with car loans and green loans leading the growth in value and volume.
What can they be used for?
A personal loan can be used for any purpose, but some of the most common reasons for taking a loan are:
Understanding personal loan costs
Personal loan costs can seem confusing at first, but they’re actually quite straightforward once you know what to look for.
What does APR mean?
The annual percentage rate (APR) is the true, standardised yearly cost of borrowing money, shown as a single percentage. It includes all mandatory fees and interest, allowing you to compare the true cost of borrowing across different lenders.
In Ireland, under the Consumer Credit Act 1995, all lenders are legally required to quote the APR when advertising credit products.
Why is the Typical APR different?
The Typical APR is an advertised rate that the majority of people approved for credit will be offered. If your credit rating is poor or you have a low income you could pay more than the typical APR being advertised.
For personal loans, the Typical APR may also vary depending on the loan amount (for instance, 12% APR for loans of up to €3,999, and 8% APR for loans of €4,000 to €9,999).
How does the loan term affect cost?
The loan term refers to the period during which you repay your loan, typically expressed in years or months. In your loan agreement you’ll promise to repay the borrowed amount, including interest, within the timeframe.
It’s important to understand that:
- a longer term loan leads to smaller monthly payments but results in a higher total cost of credit
- a shorter term loan means higher monthly payments but minimises the total interest paid and makes the loan cheaper overall
What are loan fees and charges?
While the interest rate is the main factor, there are several fees and charges associated with personal loans in Ireland that you need to watch out for.
Check for:
- Early repayment charge (ERC): Often applied to fixed-term loans if you pay off the loan in full, make a large overpayment, or switch to a variable rate before the fixed term ends
- Penalty fees: For things like failed Direct Debits, late or missed payments
- Initial or set up fees Some specialist lenders may request a fee for setting up the loan and processing the application
What affects the cost of your loan?
Several factors determine the interest rate you’re offered by the lender and the cost of your loan. Remember, the higher the interest rate, the more the loan will cost.
The main things are:
The lender will also consider your:
- Employment status and income
- Existing debts and commitments
Real life examples
| Loan amount | Term | APR | Monthly repayment | Total repayable | Cost of credit |
|---|---|---|---|---|---|
| €3,000 | 2 years | 8.95% | €136.50 | €3,276.00 | €276.00 |
| €5,000 | 3 years | 8.95% | €158.06 | €5,690.16 | €690.16 |
| €10,000 | 5 years | 8.0% | €203.72 | €12,223.35 | €2,223.35 |
| €20,000 | 7 years | 7.1% | €300.99 | €25,273.66 | €5,273.66 |
Personal loan calculator
Use Switcher.ie’s personal loan calculator to help you work out what you can afford.
It will tell you:
- your monthly repayments
- how much interest you’ll pay
- what the loan will cost in total
- how long it will take to repay
How to pick the best personal loan
The best personal loan for you is one that allows you to borrow the amount you need, with affordable monthly repayments and the lowest interest rate possible.
Using a personal loans comparison tool or broker to help you shop around for the best rates in Ireland is a great way to find the right loan for your budget.
To help you find the best loan for your financial needs, think about:
Remember, the loan details and rates are based on your ability to repay and aren’t guaranteed, but they can give you a good idea of the best rates on offer.
If you consider all these factors before applying for a loan, you are more likely to find the right balance between the repayment term and an affordable monthly cost to get the best loan.
How to apply for your personal loan
The easiest way to get a personal loan is to compare the lowest rates available and apply online with a lender like a bank or a credit union. Credit unions and online banks promise a quick application process and fast approval.
If you have a bad credit rating, there are brokers who can help, but the application process may take longer.
You can apply for a loan in various ways.
- Online
- Via a banking app
- Over the phone
- In person at a bank branch
If you would like to discuss your options and costs, it would be better to apply over the phone or in person. If you’re clear about your needs, it’s quicker and easier to apply online.
Documents you need
You’ll need different documents depending on if it’s your current bank or a new lender.
If you apply with your current bank, they only require documentary evidence of your Personal Public Service Number (PPSN), which the Central Bank of Ireland’s Central Credit Register requires for customer identification.
If you apply with another lender or finance company, additional eligibility checks may be required beyond your PPSN.
Documents to provide will include:
You will need a current account with the facility to set up a direct debit or standing order and fit other eligibility criteria the lender sets.
How quickly can you get a personal loan?
The speed at which you can get a personal loan in Ireland depends on several factors, including the lender, the loan amount, and your individual circumstances.
Some lenders offer a fast loan decision and a quick loan deposit, sometimes within hours or a few days. Others may take longer, especially if you have special circumstances like bad credit or want to borrow a large sum.
If you have a good credit history and a regular income, your application may be processed more quickly.
How your credit history impacts loan approval
Your Central Credit Register (CCR) history is a major factor in loan approval.
A good record of timely repayments on past debts (such as credit cards and previous loans) demonstrates reliability and indicates a low risk, which can lead to approval and access to the lowest available APRs.
On the other hand, a poor history signals high risk to the lender, resulting in either a higher interest rate or the outright rejection of your loan application.
For this reason, it pays to improve your credit rating and maximise your chance of getting the best loan.
To learn more about rebuilding your credit record and boosting your chances of a cheap loan, visit our guide How to check your record history.
Can you get a personal loan with bad credit?
Yes, you can, but you will likely pay higher interest and the loan will be more expensive.
Banks may be more reluctant to lend to individuals with poor credit, but many specialist lenders can help.
A good first step to getting a personal loan with bad credit is to check your credit report and work on repairing it so you can get better credit facilities in future.
Alternatives to personal loans
If you don’t want to apply for a personal loan or are having trouble getting approved, there are alternatives.
- Credit cards A 0% purchase card could offer a cheaper alternative to a personal loan. It’s a cost-effective way to borrow if you can repay the credit within the 0% purchase period.
- Secured loansThese loans require security against them, like a property. They’re easier to get if you have bad credit but own a property. Your home is at risk if you are unable to repay the loan.
- Guarantor loans These work like personal loans, except when you apply, you have to provide a guarantor who undertakes to make payments for you if you default.
- Buy Now Pay Later A point-of-purchase option available from most online retailers. The credit is often interest-free for a time, which you’ll repay in instalments.
Next steps to getting your personal loan
Ready to apply for your personal loan? Here’s your action plan:
- Check your credit report
- Use our calculator to work out affordable payments
- Compare rates in our comparison table
- Gather your documents
- Apply with your chosen lender
Learn about how loans work in Ireland in our Complete Guide to Loans.
Personal loans FAQs
Is a personal loan cheaper than a credit card?
It depends on how much you borrow and how long for.
Credit cards allow you to borrow to a pre-set limit which can typically be anything up to €10,000. You choose how much you pay each month and the quicker you pay off the debt, the less interest you pay on the credit.
A 0% purchase card or balance transfer card used wisely can make this a cheaper option for borrowing smaller amounts of money for a short amount of time. You also get greater flexibility over repayments so you can pay off your debt sooner without early repayment penalties.
How do I get a Credit Union loan?
To join a credit union, you must fall within a ‘common bond’.
This means you need to:
- Be living or working in a particular area
- Be employed by a company that has a staff credit union
- Be a member of a professional body that runs its own credit union
You can find out more at the Irish League of Credit Unions.
Where can you get a small loan in Ireland?
AIB offers personal loans starting from €1,000, but other lenders, such as credit unions, may let you borrow as little as €500. Although each credit union is different, you can apply online with next day approval.
Can I get a payment holiday with a personal loan?
If you feel you may struggle to repay your personal loan due to a change in financial circumstances, then contact your lender immediately. They may be able to arrange a repayment break for up to three months, but check it doesn’t affect your credit score.
Your payments will still accrue, and you will need to repay the deferred payments, including interest, when the repayment break is over. This means that you may pay a higher amount per month than before the deferment period.