Where can you get the Lowest Interest Rates on Personal Loans in Ireland?
Interest Rates Checked September 8th 2019
On a loan of €3000 over 1 year – the lowest 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)
Bank of Ireland is next best at 6.8%
KBC will charge 7.3% – but if you have a current account with them you can get an APR of 6.3%
The highest APR for this loan term from a mainstream lender is 10.5% from PTSB
Other personal loan interest rates available on €20000 loan over 5 years :
KBC 7.3% – (6.3% for current account holders)
Ulster Bank 7.9%
An Post Money 8.4%
Chill money 8.9%
Larger loans will usually have 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.
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