Best loans in Ireland in 2019!

Bank of Ireland

Minimum loan amount

1,000 €

Maximum loan amount

65,000 €

Minimum loan term

1 year

Maximum loan term

5 years

APR

6.8 - 8.9 %

Loan granting

Excellent

Minimum age

18 years

535

Representative example: Loan amount: 20,000 €, Term: 5 years, Monthly repayment: 391.91 €, Total amount repayable: 23,515.20 €, APR: 6.8 %
NB! Total amount payable depends on the loan amount, percentage, terms and individual credit worthiness.

KBC

Minimum loan amount

5,000 €

Maximum loan amount

50,000 €

Minimum loan term

1 year

Maximum loan term

5 years

APR

6.3 - 8.99 %

Loan granting

Good

Minimum age

18 years

2003

Representative example: Loan Amount 50,000 €, Term: 5 years, Monthly repayment: 969.67 €, Total amount repayable 58,179.92 €, APR: 6.3 %
NB! Total amount payable depends on the loan amount, percentage, terms and individual credit worthiness.

Useful information about financial products and debt management

If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating, which may limit your ability to access credit in the future.

Before you borrow

Before you borrow money you should ask yourself whether you really need to spend the money and whether you can afford to pay back the money you're planning to borrow. Before borrowing ask yourself:

  • Can the purchase wait until I can afford it without taking a loan?
  • If the purchase is urgent is there another way I can get it? For example, ask employer for money advance, borrowing from family or friends.
  • If the purchase is not urgent can I save up money?
  • Will I be able to repay the loan if I lose my job or my working hours are reduced?

You should never take a loan if:

  • You want to take a loan to pay off other loans;
  • You already have one or more loans;
  • You already have other outstanding debts and/or missed payments;
  • If you are not sure of your capability to pay the loan back on time.

If you still feel the need to take
a loan you should pay attention to:

Look at your income and outgoings and think if you'll be able to pay all your bills and debts. Calculate how much you can afford to repay each month. If your budget shows that you'll have no money for extra payments then it means you can't afford to take a loan.

Factors lender considers when you apply for a loan:

  • Your income - it's very common that lender asks for a proof of your employment and bank statement of your income;
  • Your credit history - when you fill out a loan application form lender usually checks your credit history. Note that if you have a bad credit history the lender may not give you the loan even though you have enough money to repay the loan;
  • Other loans - you may be refused a loan if you have other active loans;
  • The security of your job - this is important factor that indicates your capability of repaying the loan;
  • The amount of savings you have - this can help you look better and more trustworthy in the eyes of the lender;
  • Age restriction - all credit companies set the limit on age themselves. In most companies, loans are granted from the age of 18 and up to the age of 60 - 70.

Annual Percentage Rate (APR)

APR – Annual Percentage Rate represents an annual cost (in %) of borrowing. The APR takes factors such as interest rate and certain other fees and charges into account. In order to make it easier for you to compare one loan to other similar loans, lenders are required to tell you their APR before you sign an agreement.

For example:

Lender A offers
1000 Euro for 360 days
with an APR of 11.4 %
Lender B offers
1000 Euro for 360 days
with an APR of 19.9 %

As it shows, in the scenario above, borrowing from Lender A would be a better idea, because you would get the same amount of money for the same term, but each month you would pay less interest.

If you have chosen variable interest rate, note that the Bank may increase or decrease the interest rate on the loan at any time.

Borrowing costs and fees

  • Loan administration, set up or documentation fee: Some lenders may charge this fee in order to set up your loan. This fee can be up to 75 €.
  • Fixed rate break fee: most lenders can charge this fee is you have a fixed-rate loan and you decide to repay your loan early.
  • Late payment fees: if you miss a payment you usually have to pay late payment fee, so make sure you never miss a payment to avoid extra charges, also please note that this can also affect your credit score, which can make it harder to borrow money in the future.
  • Don't accept first loan you're offered, compare various lenders to make sure you get the best possible loan offer.

If you're not able to pay back loan on time

  • Loan extension: If you realize that you will not be able to repay the loan on time, there is a service of loan repayment period extension, which is offered by many companies for an additional cost. Every credit company sets the fee for the service of extending repayment period itself.
  • Credit holidays: the delay of loan payments for a certain amount of time is called credit holidays. Credit holidays are available in some cases, such as a temporary loss of working ability or loss of job. In most cases credit holidays are granted for a period from one month to one year. This is common for longer-term loans.
  • Seek for help: if you can't find a solution with your lender, you can seek help by contacting the Money Advice and Budgeting Service. They will give you free and independent advice have to solve your money problems.

Loan term

Choose the shortest loan term you can afford. Longer-term loans might seem appealing at first as there are lower monthly repayments, however it may turn out that the total repayment is higher. If affordable it's better to take a loan for shorter period of time and pay back higher amount of money each month.

Check that the money lender is regulated:

All lenders must be registered with Central Bank of Ireland. Before borrowing make sure that your lender is regulated to avoid illegal money lenders.

Personal loans

Personal loan is a good choice if you are in need of a certain amount of money for a certain cause – for example, home or garden improvement, travelling or study expense coverage (student loans).

The main characteristics of personal loan: large amounts of money and long terms of loan repayment.

Personal loan comparison on moneyguru24.com helps you choose the best personal loan that best suits your need.

Which is the best place to apply for a loan?

There are quite a lot of personal loan companies. We recommend you refrain from cooperating with companies that provide dubious service or companies with bad customer reviews. On our site you will find reliable companies that have been working in crediting for a long time; among them – Bank of Ireland, KBC and others.

MoneyGuru24 is not a bank, lender, broker or product issuer. MoneyGuru24 is not owned by a financial institution but is an independent company owned by private shareholders. All information provided on MoneyGuru24 has general and informative nature. Although MoneyGuru24 covers wide range of loan products and providers, keep in mind that those are not the only options available in the market and may not be the best fit for you. We do not consider your personal circumstances and financial situation and we are not recommending any particular products. If you choose to apply for a loan product through MoneyGuru24 website you will be dealing directly with the loan provider not with MoneyGuru24. It is recommended for you to read all relevant documentation given by the loan provider before accepting any financial product offer.

FAQ

  • What is a loan?

    Loan is a good choice if you are in need of a certain amount of money for a certain cause – for example, home or garden improvement, travelling or study expense coverage (student loans). Personal loan comparison on moneyguru24.com helps you choose the best personal loan that best suits your need.

  • Should I consider getting a loan?

    If you find yourself in a sudden need of money, for example, you receive an unexpectedly big bill for a service, first – talk over with whomever you got your bill from and explain the situation you’re in. You may plan an extended term to your bill or suggest a partial payment during a longer term. If that is not possible, you should consider getting a loan. But you should get a loan only if you are able to pay it back.

  • How do I get a loan?

    You can apply for a loan using an online application form. To get the loan you have to be over 18, employed, with a regular monthly income and have a bank account. Even though the application is really easy, you shouldn’t rush into getting a loan. Be careful and read all the information, small print, terms and conditions on the politics of financial enterprise which you find most efficient after comparing all the options in MoneyGuru24.com.

  • How do I pay back my loan?

    Most of financial enterprises, that offers loans, debit the payment directly from your bank account. But there are still some credit companies that haven’t established this service yet, so you must remember to pay back your debt as soon as you get your monthly paycheck. If you are thinking about extending the term of your loan, be sure to inform the lender before the current due date expires.

  • What happens if I can’t pay back my loan?

    If you miss payments or fail to repay your loan and cannot reach an agreement on the extension of credit term, then it is quite possible that the lender will leave a bad mark in your credit reference file. This can cause difficulties to obtain credit, leasing or other financial services in the future. Serious cases of missed payments (non-payment) can be brought to court. In this case, the court costs will be added to the amount of your debt. For more information about loan extension policy, description of the company's policy in cases of missing payments and non-payment actions, visit your lender’s website.

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