Where can you get the Lowest Interest Rates on Personal Loans in Ireland?
Interest Rates Checked September 10th 2023
Figures from the Banking & Payments Federation Ireland show that a total of 47,094 personal loans were drawn down in Q3 2022 valued at €442 million representing an increase of 12.1% in volume and 11.2% in value year-on-year. The average personal loan in Ireland was €9,376,
Interest Rates on Personal Loans
The lowest APR in Ireland on a personal loan of €10000 over 3 years is 6.4% from AIB .
This rate is only available when 50% or more of the money will be spent on a green initiative home improvement.
BOI will charge 7.5% APR on a standard personal loan.
On a loan of €10000 over 3 years – the average APR at Revolut is 8.41% (Rates vary from 5.99% to 10.99% depending on personal circumstances) . Apply at Revolut Bank .
PTSB would charge the highest interest rate (APR 12.5%) – with total interest over three years of €1929
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On a €20000 loan over 5 years – you could get an interest rate as low as 4.9% from An Post (For Green Home Improvements Only)
Monthly repayments on this rate would be €375 with the total cost of credit coming in at €2532 over the 5 years .
Some Other personal loan interest rates available in Ireland on a €20000 loan over 5 years : (Not including green loans)
- Revolut From 5.99%
- BOI 6.8%
- Avant Money 7.1%
- An Post 7.5%
- AIB 8.95%
- PTSB 10.5% (Total cost of credit – €5512)
Annual percentage rate (APR)
The APR is the annual rate of interest you will be charged on a loan. It takes account of all the costs involved over the term of the loan, such as set-up charges and the interest rate. You can use the APR to compare different loans, as long as you compare them over the same term.
Larger loans will usually have better (lower) interest rates 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.
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 or pay your salary in.
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
See the Highest Savings Rates here
Compare Credit Cards Here