Whether you’re buying a car or holiday, a personal loan can be a quick and simple way to borrow money. Compare loan rates and terms here to find the best loan for you.
The best personal loan will allow you to borrow the amount of money you need, will have 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:
If you take all these factors into consideration 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.
You can apply for a loan in various ways.
If you want to talk through your options and costs it may be better to apply over the phone or in person. If you’re clear about your needs, then you may benefit from better rates if you apply online.
If you apply with your current bank, they will only require documentary evidence of your Personal Public Service Number (PPSN). This is required by the Central Bank of Ireland’s Central Credit Register for customer identification.
If you apply with another lender or finance company, other eligibility checks will need to take place in addition to 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 set by the lender.
If you don’t want to apply for a personal loan or are finding it hard to get approved for a personal loan; there are alternatives.
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.
Yes, you can, but you will likely pay higher interest and the loan will be more expensive.
You may find that banks are more reluctant to lend to people with bad credit, but there are many specialist lenders who may be able to help.
A good first step to getting a personal loan with bad credit is to check your credit score and work on repairing it so you can get better credit facilities in future.
To join a credit union, you must fall within a ‘common bond’.
This means you need to:
You can find out more at the Irish League of Credit Unions.
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.
APR is short for Annual Percentage Rate. It’s a calculation of the overall cost of your loan and takes into account all the costs during the term of the loan including set up charges and the interest rate. Any extra fees are added to the loan amount before interest is calculated.
It’s a legal requirement for credit lenders to show their interest rate on borrowing so an easy and fair comparison of interest rates can be made between finance companies like banks and lenders.
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 differ depending on the size of the loan (for instance, 12% APR for loans up to €3,999, and 8% APR for loans of €4,000 to €9,999).