Bank of Ireland has today reported a 47% increase in the number of home improvement loan applications in the first three quarters of 2017, compared with the same period in 2016. The data was released as Bank of Ireland announced new tiered rates for personal loans.
With a slight decrease in the average amount sought - down from €12,000 to €10,000 - figures show that one in five applicants (22%) requested amounts greater than €20,000 with more than a quarter (26%) looking to borrow between €10,000 and €20,000. Just over half of applicants (52%) sought loans of between €5,000 and €10,000.
More than three quarters (78%) of home improvement applications were made by those aged 35 years and over with the average age of applicants reported as 41 years old. With regard to gender, almost 3 in 5 (59%) applicants were male and over three quarters (78%) of applicants are using the self-service channels (365 online, mobile app and website) to start their applications.
Bank of Ireland’s new tiered pricing, which is based on the loan amount, aims to provide enhanced clarity for both customers and non-customers. The rates in each loan category include a rate of 6.8% APR variable for loans greater than €20K. This is the best unsecured rate on the market available to both new and existing customers without the requirement of holding a Bank of Ireland account or any savings against your loan.
Head of Loans at Bank of Ireland, Christine Hamill says, "As highlighted by the home improvement applications, customers have wide ranging financial needs when it comes to personal loans. We wanted to provide further clarity in relation to the rates on offer for different loan amounts and as such, are launching new defined tiered rates for personal loans which will appeal to people seeking finance from €1,000 up to €65,000. We are pleased to be offering such competitive rates in the Irish personal loans market and offer the most competitive unsecured variable rate for amounts ranging from €1,000 right up to €50,000."
Source: www.businessworld.ie
