Bank of Ireland
Borrow €2,000-€75,000 at competitive rates from 7.1% APR, with flexible terms from 1 to 5 years. No savings required. Quick application for account holders.
The Bank of Ireland Personal Loan offers flexible lending options for those living in Ireland. Borrowers can apply for amounts between €2,000 and €75,000, making it suitable for financing major life events, such as weddings, holidays, or important purchases. Terms span from 1 to 5 years, giving applicants the freedom to structure repayment to suit their needs.
Interest rates are competitive, starting at 7.1% APR for larger loans, with slightly higher APRs for lower loan amounts. There’s a tailored offer for recent graduates too, with rates as low as 5.0% APR for loans up to €5,000. No savings account with the Bank of Ireland is required to apply, and there are no hidden or arrangement fees on variable-rate loans.
How to Apply – Step by Step
- Check you are over 18, live in Ireland, and have a Bank of Ireland current account.
- Have your 365 online user ID and PPSN ready; graduates use their graduate account.
- Use the online application for a quick process if you are an account holder.
- Submit your details and any requested documents.
- If approved, draw down your loan within 30 days.
Pros
One key advantage is the ability to tailor your loan between €2,000 and €75,000 over flexible terms, ensuring your repayments fit your budget. The process is quick for existing customers, with online approval often achieved in 15 minutes.
Another plus is the lack of early repayment penalties on variable-rate loans, letting you clear your debt faster without any extra charges. Optional deferred repayments add even more flexibility if you need a short initial break.
Cons
Only current Bank of Ireland account holders can apply online, which might not work for everyone. New customers have to apply by phone, which adds a step.
Lower loan amounts attract a higher APR, and deferring repayments increases the total interest paid. Also, credit checks are required, which could limit eligibility for applicants with poor credit histories.
Verdict
The Bank of Ireland Personal Loan stands out for its flexibility, competitive rates, and streamlined process for existing customers. While some may face eligibility requirements, the quick application and transparent fee structure make it a leading choice for people in Ireland looking for a straightforward loan solution.