Close Menu
    personal loans in ireland
    Money

    Rise in Personal Loans in Ireland: Car, Home Improvements, and Weddings

    Sam AllcockBy 228 Comments3 Mins Read

    Personal loans in Ireland saw a significant increase in the third quarter of 2024, with consumers borrowing €670m to fund car purchases, home improvements, and weddings. According to new data from Banking & Payments Federation Ireland (BPFI), nearly 63,000 personal loans were drawn down between July and September, an increase of 9,200 loans compared to the same period in 2023.

    The average loan size also rose to €10,700, an increase of €374 from the previous year. The BPFI reported that demand for personal loans is at an all-time high, with borrowing levels reaching record figures since it first started collecting data in 2020.

    Why Are Consumers Borrowing More?

    The rise in borrowing can be attributed to inflation in construction and car prices, which has led to consumers taking out larger loans to cover increasing costs. Notably, the demand for green loans, used to finance energy-efficient home upgrades or purchase electric vehicles, has soared by 19%, with the average green loan now standing at €24,105.

    Breakdown of Loan Categories

    1. Car Loans on the Rise

    • The number of car loans grew by 14%, with 17,073 loans taken out in Q3 2024.
    • The average auto loan increased by €835, reaching €13,434 due to rising vehicle costs.

    2. More Homeowners Borrowing for Improvements

    • 16,194 home improvement loans were drawn down, marking a 12% increase year on year.
    • The total value of home improvement loans reached €204m, up by 18% from 2023.
    • The average loan size rose by nearly €600 to €12,606.

    3. Loans for Education, Weddings, and Holidays Growing

    • Loans for education, weddings, and travel increased by 22%, with 29,331 loans taken out.
    • The total value of these loans rose by 25% to €237m, while the average loan size increased to €8,075.

    4. Green Loans Hitting Record Levels

    • The number of green loans rose by 6%, with 1,329 loans approved.
    • The total value of green loans jumped by 19%, reaching €32m.
    • Green loans had the highest average loan size at €24,105, more than double the standard loan amount.

    What This Means for Borrowers

    With personal loan drawdowns at an all-time high, BPFI chief executive Brian Hayes highlighted the continued strong demand for borrowing across all sectors. This surge suggests that consumers are more willing to finance big purchases despite economic pressures, while lenders remain competitive in offering loan products.

    As personal loans in Ireland continue to grow, borrowers should consider interest rates, repayment terms, and loan eligibility before taking out credit. With inflation affecting construction and vehicle prices, more consumers may turn to financing options to manage rising costs in 2025.

    Sam Allcock is a Business Contributor to the fdii.ie

    Related Posts

    View 228 Comments

    228 Comments

    108. Pingback: discount androxal price new zealand

    109. Pingback: cheapest buy enclomiphene price usa

    110. Pingback: rifaximin without prescriptions

    111. Pingback: order xifaxan lowest cost pharmacy

    112. Pingback: cheap staxyn no prescription next day delivery

    113. Pingback: lowest prices on avodart

    114. Pingback: canadien pas cher kamagra avec des pilules gratuites

    115. Pingback: discount flexeril cyclobenzaprine american pharmacy

    116. Pingback: how to order dutasteride buy mastercard

    117. Pingback: get fildena cheap new zealand

    118. Pingback: online order gabapentin australia no prescription

    119. Pingback: buy cheap itraconazole buy san francisco

    120. Pingback: kanadský kamagra bez lékařského předpisu

    122. vorbelutrioperbir on

      Howdy! I know this is kind of off topic but I was wondering which blog platform are you using for this site? I’m getting tired of WordPress because I’ve had problems with hackers and I’m looking at options for another platform. I would be awesome if you could point me in the direction of a good platform.

    Leave A Reply