Representative Example:
| Loan Amount | Repayment Term | APR | Monthly Instalment | Total Interest to Pay | Total amount repayable |
|---|---|---|---|---|---|
| €1,000 | 3 months | 18.5% | €343.66 | €30.98 | €1,030.98 |
*(The figures shown are for illustrative purposes only. Borrow only what you need and can comfortably afford to repay.)
A personal loan offers you a fixed amount that you repay in regular monthly instalments till the term ends. You can use the money for various personal expenses, subject to the lending criteria.
For example, you may consider a loan for:
The loan amount, interest rate and repayment term will determine the amount you repay.
You do not need to arrange a branch visit when you can apply for a personal loan in Ireland online. We may ask for information about yourself and your financial circumstances. We do so to ensure a relevant assessment.
The process generally goes through four steps:
1) Complete the online application
Start your online loan application, which can be completed within a few minutes.
2) Submit your personal and financial details
Provide your personal details, monthly income and financial circumstances. All the information should be accurate and up to date.
Once your application has been submitted, we assess the information on the basis of relevant eligibility, lending and affordability criteria.
3) Review the loan information
We quickly review the important details you shared. Subsequently, we share the loan quote including the interest rate, APR, monthly repayment, loan term and total amount repayable.
4) Decide whether to proceed
Receive the loan agreement. Read the terms carefully and sign it only if you are satisfied that the repayments are affordable.
Keep your information ready before starting the application. It may help us review your loan request early and issue a fast approval.
You may be tempted to borrow the maximum amount available. However, it does not necessarily mean it is the appropriate amount for you.
Analyse your actual financial needs, whether you require small funds to fill the funding gap or need a larger amount for a particular purchase or project. Review the potential loan cost and then decide how much you should borrow.
The important factors are regular income, household expenses and existing financial commitments. They determine the right amount that you can comfortably repay.
For example, you only need €3,000 to manage a particular expense. Borrowing a larger amount just because it is available could leave you paying more interest unnecessarily.
Use the calculator above to review the different borrowing amounts and repayment terms before applying.
A loan repayment has to be comfortable when you are already managing your expenses each month.
Before applying, analyse your usual spending and costs, such as:
It is also important to think about what would happen if your circumstances changed. A repayment that looks manageable now could become a heavy burden later if your income falls significantly.
Therefore, your aim should not just be to qualify for a loan. Instead, it is to find borrowing that you can practically afford throughout the repayment term.
The loan amount does not determine the actual cost. Your personal loan interest rate, loan term and other applicable charges can all affect what you ultimately repay.
Your individual circumstances and the prescribed lending criteria also influence the rates.
When comparing options, look at multiple factors, not just the monthly repayment. A longer term can have smaller instalments, but you pay more interest over the agreed term.
The important factors to consider are:
Checking all these aspects can help you get the best personal loan rates with the true cost of borrowing.
Here is the significant difference between the personal loan APR and total cost:
| APR | Total cost of credit |
|---|---|
| Shows the annualised cost of borrowing as a percentage. | Shows how much the borrowing costs you in money terms. |
| Helps you compare the cost of similar loans. | Helps you understand the actual extra amount you will pay. |
| Conveyed as a percentage, such as 18.5% APR. | Expressed as a euro amount, such as €30.98 interest. |
| Useful when comparing loans with the same amount and repayment term. | Useful when comparing the overall financial impact of borrowing. |
| A lower APR can indicate a lower borrowing cost, assuming the loans have comparable terms. | A lower total cost means you pay less above the amount originally borrowed. |
Simply, APR indicates the rates used to explain the cost. In contrast, the total cost of credit reflects how much the borrowing costs you in euros.
Most of the time, personal loans are unsecured. This means you do not generally need to offer an asset such as a car, home - or provide a guarantor to secure the borrowing.
This is relatively different from secured loans, where an asset is used as collateral against the loan.
An unsecured personal loan does not mean there is no risk. You still have the responsibility of making the repayments on time. Any missed payments can impact your credit score and overall finances.
You should always read the loan agreement carefully. It helps you understand what is going to follow when accepting a loan.
The best personal loans in Ireland are not necessarily those that advertise the lowest rate.
When comparing the loans, start with the required amount you would like to borrow. It should be followed by checking the different repayment periods affecting the monthly payment and total cost.
Keep focusing on:
A personal loan comparison can make these differences easier to understand. Still, remember that the lowest monthly instalment is not necessarily the lowest-cost option.
Yes, you can still apply for personal loans in Ireland with bad credit. However, approval is not guaranteed, as it depends on your circumstances and the lending criteria.
Your credit history can be part of the assessment alongside income, expenses, and existing financial commitments.
If you have a poor credit history in the past, it is especially crucial to assess whether a new debt repayment is manageable before taking on additional borrowing.
Therefore, only borrow what you can repay from your monthly income. Alternatively, you can look for our bad credit loans to have more specific features.
A 10-year personal loan gives you a longer period to manage the repayment. This can reduce the amount of each monthly instalment. However, it also means you owe the money for longer.
A long-term loan makes sense when it goes with the amount you need, the repayment you can comfortably manage, and the total cost of the loan.
On the other hand, a short-term loan allows you to pay less interest in total. Still, the shorter duration could make your monthly payments higher, which may sometimes be difficult to manage.
You need to compare both the monthly payment and total repayment cost before settling on a loan agreement.
Yes, you can pay off your personal loan before the original end date. However, it depends on the terms of the agreement.
Before making an early repayment, check your loan agreement to see how early repayment is managed. Consider any conditions or charges, if applicable.
At GoBigBucks, we do not ask for any early repayment fees. Therefore, it provides an opportunity for you to reduce the amount of pending interest in some circumstances. This facility also depends on the agreement and how much outstanding balance remains.
Contact us before making early settlement of the loan. It helps us to make the best arrangements for you.
Your financial circumstances can change at any time during the loan term. For instance, your income changes, your household expenses go higher, or an unexpected financial emergency occurs.
You need to contact us as soon as possible if you find yourself struggling with repayments. Ignoring this may make things harder to manage later.
It is important to consider your financial strengths and weaknesses before committing to a loan. Consider whether you could continue making the repayments if your regular expenses increased or your situation changed.
Taking a practical review of your finances before borrowing can help you choose a repayment term that remains under your control.
We offer a helpful arrangement for Irish residents, where they can get quick loan approval. It is indeed better than arranging an in-person application.
With GoBigBucks, you can:
The application itself does not mean you have to accept a loan. If you receive an offer, take the time to read the agreement and check the full cost before making your decision.
Looking for a personal loan in Ireland?