Lowest Rates on Personal Loans from Banks in Ireland
Rates Checked January 1st 2017
On a 4 year loan of €10000 Euro – the lowest APR is currently available from KBC at 6.3% – this rate is only available for current account holders (7.3% otherwise). Monthly repayments would be €193.91 with the total cost of credit coming in at €1634.61 over the 4 years (assuming the rate stays the same)
Other personal loan rates available
Bank of Ireland 7.5% (online for existing account holders only)
Larger loans usually having a lower interest rate than smaller ones.
If the interest rate on your loan is variable it could be increased or decreased before your loan is repaid. With a fixed rate loan the repayments will stay the same for the whole term of the loan. If you pay back a loan early you will probably have to pay a penalty.
Always look at the “total cost of credit” when comparing loans that have different repayment terms. A loan with a lower interest rate but a longer repayment length could end up costing you more in the long run.
Check your local Credit Union for loan rates – some of them may have loans at lower rates – but there have been some restrictions on Credit Union loans since mid 2011 . By law, credit unions cannot charge more than 12.68% APR.
You don’t usually need to have an existing current or savings account with a bank or building Society to get a personal loan from them. But – with Credit Unions you need to become a member before they will lend to you. Also – most of them usually require you to have a savings record.
If you are on low income and a bank won’t lend you money – you might want to take a look at the details of a Credit Union scheme called the It Makes Sense loan