Compare the best options on the market and choose the one which best adapts to your day-to-day needs.
Further Below: Our Guide To Personal Loans in Ireland, Everything you need to know.
1. Avant Money
- Flexible and big loans of up to €150,000
- Attractive interest rates of 5.9% APR
- Fast application process
- Long repayment terms of between 3 and 10 years
- Open for any purpose
- Lax eligibility criteria
- The loan limit grows with timely repayments
- Excellent loan conditions
2. KBC Bank
- Loans of up to €120,000
- Friendly interest rates of 6.3% APR
- Flexible repayment terms of up to 120 months
- Available to both account holders and non-holders
- Available to clients with income
- Few additional costs
- Excludes insurance fees
3. Allied Ireland Banks
- Big loan amounts of up to €100,000
- Fixed and attractive interest rates of 6.4% APR
- Favorable repayment periods of between 36 and 120 months
- Online app for first loan application
- Excellent loan conditions
- Fast processing of the loans
- Eligible to clients with income
Personal Loans in Ireland, All You Need To Know:
Take a quick 5-minutes read to know how to compare the best personal loans in Ireland. We’re passionate about providing quality information about consumer credits, all you need to know about them, and how you can end up with an offer that’s not only the best in the current market but one that also fits perfectly into your financial situation.
The current market for personal loans
We marshall the most recent news concerning consumer credits. Here’s all you need to know about finance this month.
- Banking & Payments Federation Ireland published its latest reports on personal loan activity on May 11, 2022. The reports have it that Ireland has seen a rise in personal loan activity for the past year.
- There has been a “strong growth in personal loan activity” as the country made its way to economic recovery. “This latest report shows that in the first quarter of 2022 there was strong growth in personal lending with volumes and values up 36.4% and 32.9%, respectively, in year-on-year terms,” said BPFI Chief Executive Brian Hayes.
- According to the Bank of Ireland, the country expects to see an increase in the cost of personal loans among other loans due to the harsh economic effects of the ongoing Russia-Ukraine war. The war is threatening to cause a “serious disturbance” to the EU economy.
Generally, the cost of loans might go up as companies fight to retain liquidity during an economic crisis.
How to compare between online loan offers?
Comparison of offers is an important step towards getting the best offer regardless of the commodity you’re looking for. To get the best offers, you’ll need to first be sure of what you want then proceed to look for the best current offers.
Speaking of loans, you’ll need to consider factors such as interest rates, additional charges, repayment terms, amounts, etc.
For example to buy credit offers and save 600 euros
In the following table, we can see how to compare online personal loan offers taking into account all factors.
By copying this table and performing different simulations according to the project we want to finance and the offer made by each entity, we will be able to know which one will be the best simply by comparing the total cost.
How to use FUNDGECKO to get personal loans
At FUNDGECKO, we seek to inform our users about the characteristics, terms, and conditions of every financial product available in their country, and how to take them out.
Here are the steps you’ll take at our website:
- Select two or three consumer credits you’re attracted to and end up with one that best suits you.
- Take time to read through the contractual details, noting down their terms and conditions.
- Our high-end professionals will step in to answer your questions in case you develop some during the application process.
Click on “Contract” to get to the website of each bank and start the application process.
- Our web pages have comment sections where our happy customers love to give their feedback about our services.
Why do you look for personal loans?
Personal loans are somehow generic and can be taken to address any personal need. You can use it to settle your bills, finance a car, buy a house, and the like. Below is a list of purposes for which we take out personal loans:
- Financing your educational trip
- Financing your studies
- Financing your business project
- Financing a reform
- Making a big purchase
- Overhauling your kitchen
- Renovating your home
- Buying appliances
- Clearing your invoices
- Consolidating debts
Note: Some of the purposes above have loans curated for them. For instance, you may want to hire a student loan instead of a personal loan to finance your studies because student loans have favorable conditions. Consult with the entity to know whether they offer loans that directly address your purpose.
How to apply for a personal loan?
The process to hire a personal loan is practically the same for entities in Ireland. However, the mode of application may differ depending on the entity’s preferences.
- Start by consulting the loan from a couple of entities. You may select three offers and compare their conditions so you may narrow down to one that perfectly suits your situation.
- Fill out the application form with personal data and select your preferred conditions for the loan (purpose, amount, and repayment period). Be sure to fill out all the blank fields to reduce the chances of your application being dismissed. Submit the form either online or in person.
- The lender will send you a pre-approval message either instantly for the online application or after several days for the physical application.
- Take note of the documentation requested by the entity and submit them all either online or by dropping them to the entity’s offices.
- Receive pre-contractual information. This only happens when the application is approved. Read between the lines of the contract and understand the terms and conditions of the loan (amount, term, interest, commissions, etc) including any changes or charges to expect in the future.
- Sign up for the contract (through digital signature or in-office) if everything about the loan attracts you.
- Get started. The lender might take a few hours or a few days to transfer the money to our account.
Requirements for personal loans in Ireland
It’s not over until the lender releases the money to our account. Taking out loans can be cumbersome if we fail to meet all the requirements set by the lender.
What are these requirements?
- Be of the legal age. Some entities provide loans to clients as young as 18 while others set 21 years as their minimum age requirement
- Have a secured source of income. While some applicants show proof of income, their applications end up dismissed if the entity considers the income low.
- Creditworthiness. Entities will check into your “debt to income” ratio to find out if you’re financially stable to afford the loan repayment. If you record a negative credit score with ICB, your application will most likely be rejected.
- Be a resident of Ireland. Regardless of your nationality, you’ll be required to hold a residence permit card whose duration varies with entities.
The above requirements are the most basic. Entities may adjust them to their own preferences, of which you will want to take note. For instance, an entity might require applicants to hold the residence permit card for at least six months. In another case, an entity might still finance a client with a negative credit score.
Documentation for applying for a personal loan
Documents are required to prove to the lender that we meet all the requirements, hence, qualify for the loan.
- Copy of your national ID card or passport
- Bank statements indicating income and expenses of previous months
- Previous income tax returns (may not be required for small amounts)
- Income receipts or payslips of the last 2 to 3 months
- Documents showing your purpose for taking out the loan or the budget of your project.
Be sensitive to the lender’s requirements for documentation. The above documents are crucial during the verification process. Hence, failure to provide a single document may have your loan dismissed.
Who grants personal loans in Ireland?
The financial crisis meant good for the Irish lending market as many non-bank lenders got their way into the market, breaking loose from the monopoly of banks. Hence, many entities found ground in the market and have, over the years, worked their way to the top of the ladder.
In this section, we feature the lenders of personal loans in Ireland and their conditions:
Entities that grant personal loans:
- Bank entities
- Credit Financial Institutions (CFE)
- Private Lenders
- P2P Lending Platforms
Obtain financing through banks
- Top loan conditions
- Offers a variety of products
- Favorable repayment terms
- Offers big loans
- Friendly interest rates
- Slow processing of the loan
- Expensive due to more commissions
- Seniority is a determining factor
- More related products
Credit Financial Institutions (CFE)
- Designed to finance any purpose
- Attractive interest rates
- Fewer commissions and bonding
- Fast processing of the loan
- Strict requirements as in banks
- They only operate through stores or dealerships
Getting loans online with private companies
- Faster concessions than other lenders
- Less strict eligibility requirements
- Seniority is not a determining factor
- Expensive due to very high interest rates
- Can plunge you into over-indebtedness as they finance clients with poor credit scores
Personal Loans through P2P Platforms
- Excellent loan conditions
- Fast and completely online application
- No related products
- Slow processing of the funds
- Very strict eligibility parameters
- Few platforms that give personal loans
FAQ: Frequently Asked Questions
What is a personal loan?
In simple terms, a personal loan is an amount of money that you borrow to address a personal need. The lender will grant you this loan if you meet all the said requirements and if you agree to comply with all the conditions of this credit. You may want to buy a smartphone, or a laptop, complete a personal project like renovating your house, overhauling your bedroom, etc.
A personal loan is sort of generic as it provides financing for a variety of purposes. However, this type of credit is more expensive than other loan types due to its high interest rates. Hence, clients prefer looking for loans that are tailored to address purposes in particular.
In Ireland, personal loans are popular. Their demand has strongly increased in the past year. Their cost and other conditions are monitored by the European Central Bank (ECB).
As you take out a loan, bear in mind that you’re making a financial decision that could either improve or exacerbate your financial situation. Hence, borrow responsibly.
Why don’t you give me personal loans?
There are a host of reasons behind the cancellation of personal loan applications. You might have failed to meet the entity’s requirements. For instance, you have a negative credit score on ICB, you provided the wrong documentation, your residence permit card is outdated, you’re not of the required age, or you don’t have a source of income.
Failure to meet a single requirement could be the reason why you didn’t qualify for financing.
What is the INE form for a loan?
The lender is expected to give us the INE form that details all the clauses and conditions of the credit they are offering us. Note down everything about the amount, the term, the interest, the APR, the commissions, the possible insurance, etc.
What is the binding offer of personal credit?
Upon our request for a binding offer, the lender is required to keep the offer open for not less than 14 calendar days. During this time, we have the freedom to compare other loan offers without losing the current one.
Can personal loans be paid in advance?
According to Irish Law, a borrower has the right to repay a personal loan either fully or in part. However, the client will be required to notify the entity in good time before making the repayment. Additionally, the client will have to pay the principal amount, accrued interests, and other charges, according to the terms and conditions of the loan.
What if I take out a loan online and then regret it?
By law, you have an option to withdraw a loan after taking it out. However, this is only possible within the first 14 (calendar) days. Any period beyond this will attract charges or penalties.
What happens if I don’t pay back a personal loan?
It’s advisable to repay a loan whenever you take it out. The lender may choose to file a case against you, auction your property, and/or have your name registered on ICB’s negative score blacklist. This will frustrate your ability to take out a loan in the future.
When to Apply for a Personal Loan
A personal loan will perfectly suit you when you’re in a “not so urgent” financial fix and can change banks because the application process and concession might take a few days if not weeks.
In this way, you’ll end up with a good financial instrument that bails you out of your problems and improves your financial situation.
When to Apply for a Fast Loan
A fast loan is needed during emergencies. They are a source of quick financial injections. If not in such a situation we advise you to take out other loans. This is because fast loans are expensive, have short repayment terms, and grant small amounts of money.
A loan is an obligation. Once taken out, you are charged with the responsibility of repaying them under the entity’s conditions. Meaning that you’ll need to be on the lookout for any changes during repayment.
Many borrowers strain to repay loans because they didn’t take them out wisely and didn’t fully understand how these loans operate.
About this page, our methodology
What this page is for: we take time to outsource the best and most relevant information about finance and all you need to know to take out loans like a pro. Hence, we ensure you’re satisfied with the financial product you take out and that it is the best available option for you.
Source: the information regarding finance, the types of credits, their current lending rates, and their regulations have been drawn from the Irish Law on consumer credits, the Bank of Ireland, and other reliable reference portals.
Methodology: The data relating to the conditions of these products (amount, term, interest, etc.) have been obtained through online research and consultation of the official statistics of the aforementioned reference sources.
About Us: FUNDGECKO is an online comparator website designed to help our clients who know less about consumer credits. We walk you through the whole nine yards, allowing you to not only compare loan offers but also know how to end up with an offer that’s most consistent with your financial situation.
Note: the services we offer are totally free for the user, as FUNDGECKO obtains its income from advertising and its featured products.