Where can you get the Best Loan Rates from lenders in Ireland ?
Rates Checked January 29th 2018
On a €5000 loan over 2 years – the lowest APR is currently available from Bank of Ireland at 8.5% (online for existing account holders )
Monthly repayments on this loan would be €226.56 with the total cost of credit coming in at €437.45 over the 2 years (assuming the rate stays the same)
Other personal loan interest rates available :
KBC 9% – this rate is only available for current account holders (10% otherwise).
Ulster Bank 10.9% (Fixed Rate)
Bank of Ireland (non account holders) 11.5% Online or 12.5% for in branch
Chill money 12.9%
Avant Card 13.2%
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