The Competition & Consumer Protection Commission have a very handy tool on their website that allows you to make many financial product comparisons. It’s well worth using when you’re thinking about making personal finance decisions. Check it out here.
We just had a look to see what kind of savings a person living in our catchment area of Cork City could make by taking out a loan with The Lough Credit Union instead of one of the highstreet banks.
We took a €5,000 over 3 years (36 monthly repayments) as our example and the results are very interesting. Contrary to popular belief a Credit Union loan from The Lough at 9.9% APR over the 3 years is:
€303.44 cheaper than AIB (27.5%)
€87.83 cheaper than BOI (9.9%)
€303.56 cheaper than PTSB (27.5%)
€280.46 cheaper than KBC (26%)
€41.40 cheaper than Ulster Bank (4.9%)
In fact, if you haven’t borrowed from our Credit Union before, or in the past 24 months, then you’d be eligible for our special reduced First Time Borrower rate of 8.3% APR, which would be:
€437.72 cheaper than AIB (39.7%)
€222.11 cheaper than BOI (25%)
€437.84 cheaper than PTSB (39.7%)
€414.74 cheaper than KBC (38.4%)
€175.68 cheaper than Ulster Bank (20.9%)
We’re all about flexibility so why not check out how we can help you help yourself by making a loan query on our loan calculator today. Whether you’re borrowing for a new or used car, home improvements or even just a nice holiday to get away, we’ve got the loan for you.
How The Rates Stack Up
|Institution||Product||APR||Monthly Repayments||Total Cost of Credit|
|PTSB||Personal Loan – variable||14.3%||169.53||1103.16|
|Ulster Bank||Personal Loans||10.9%||162.25||841.16|
|The Lough CU||Personal Loan||9.9%||161.10||799.60|
|The Lough CU||First Time Borrower||8.3%||157.37||€665.32|
The information in the above table was retrieved from consumerhelp.ie on the 14/03/2016.
* BOI customers can avail of an APR of 7.5% if they currently hold a BOI personal current account, and meet the bank’s specified criteria. BOI rates depend on individual circumstances and may differ from advertised APR. Where applicants do not meet this criteria, their standard variable rate of 11.5% APR will apply to online and phone applications and a variable rate of 12.8% APR to in-branch applications. [As the criteria for 7.5% APR is not made publically available we used the 11.5% rate as the most appropriate comparison]