Where can you get the Lowest Interest Rates on Personal Loans in Ireland?
Interest Rates Checked January 7th 2020
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 3 years – the lowest APR is currently available from An Post at 5.9 % APR
Monthly repayments on this loan would be €606 with the total cost of credit coming in at €1821 over the 3 years (assuming the rate stays the same)
Avantcard is next best at 6.1% APR
Other personal loan interest rates available on €20000 loan over 5 years :
BOI 6.8%
KBC 7.3% (6.3% available to current account holders)
Ulster Bank 7.9%
Chill money 8.9%
AIB 9%
PTSB 10.5%
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 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