Best Loan Rates Ireland

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). 

AIB  9%

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%

PTSB  14.3%

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