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Updated Loan Rates

Check out the updated personal loan rates . Interesting to see that the benefits of having a KBC current account offer -1) a discount of 2% on personal loans and 2) an extra 1% on a regular savings account – This results in 4% which is the highest rate on the market at the moment.
The conditions being that the personal loan must be repaid from a KBC Current Account and you must fund the Regular Saver by standing order from the KBC Current Account.

SME’s getting the Best Loan out there

Having recently gone through the process of finding the best business loan on the Irish market I understand there is  a lot of information out there – which makes it very hard to know which bank to approach.

In Ireland there is definitely a feeling that you are lucky if your business gets approved for a loan and that you should take whatever terms the bank offer – but why should you pay more than you have to?

Below is a comparison of the business loans available to SME’s in Ireland.

Provider Product Name Information Interest Rate
Bank of Ireland Secured Small Business Loan Up to €300,000, available to new and existing customers 5.74%
Bank of Ireland Unsecured Small Business Loan Up to €300,000, available to new and existing customers 6.74%
AIB Standard Business Loan   6.50%
Ulster Bank Secured Small Business Loan All Loans are subject to a 1% arrangement Fee of the Loan Limit payable when loan is drawn down 5.76%
Ulster Bank Unsecured Small Business Loan All Loans are subject to a 1% arrangement Fee of the Loan Limit payable when loan is drawn down 8.76%
MicroFinance Ireland Directly Unsecured Micro Enterprise Loan Business must employ less than 10 staff & have  Turnover of less than €2m 8.80%
MicroFinance Ireland through local enterprise office Unsecured Micro Enterprise Loan Business must employ less than 10 staff & have  Turnover of  less than €2m 7.80%
Permanent TSB Term Loan Up to €250,000, available to new and existing customers 6.50%
SBCI SBCI Loan SBCI Loans are offered through on lending partners AIB,BOI & Ulster Bank at a discounted rate to the Banks standard rates if you meet certain qualifying criteria. 4.50%

Mortgage Rate Changes

The good news for first time buyers is that several providers have dropped their fixed rate mortgages for first time buyers with the market leading rate being offered by Permanent TSB at 3.29%.

However several of the lenders are now only offering the lower rates if first time buyers are able to come up with a bigger deposit.

The market leading rate is only being offered to first time buyers who can come up with a deposit of at least 20% of the house value. While the next best rate being offered is by KBC at 3.3% with first time buyers only required to come up with a deposit of 10%.

Compare mortgage rates on the Irish market at www.moneybags.ie/mortgages/