Where can you get the Best Interest Rates on Personal Loans in Ireland?
Interest Rates Checked January 1st 2020
On a loan of €3000 over 1 year – the best APR currently available is 8.5% from Bank of Ireland.
Monthly repayments on this loan would be €261.22 with the total cost of credit coming in at €134.68 over the 12 months.
Ulster Bank would charge the highest interest rate (APR 15.3%) – with total interest over the year of €237.78
On a €20000 loan over 5 years – the lowest APR is currently available from Avantcard at 6.1 %. Monthly repayments on this loan would be €386.06 with the total cost of credit coming in at €3163 over the 5 years (assuming the rate stays the same)
KBC is next best at 7.3%
Other personal loan interest rates available on €20000 loan over 5 years :
Ulster Bank 7.9%
An Post Money 8.4%
Chill money 8.9%
Larger loans will usually have better (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.
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.
See the Lowest Mortgage Rates here