Personal loan draw downs hit new high, car loans surge

February 10, 2024

The volume and value of personal loan draw downs reached a new high between July and September last year, new data shows.

The figures from Banking and Payments Federation Ireland reveal that 53,404 personal loans were drawn down during the three month period, valued at €552 million.

This is the highest volume and value recorded since 2020, when the data was first collected.

The number of loans drawn down was up 13% on the same time in 2022, while the value was up 25%.

The average loan value rose by more than €900 to €10,336.

While today’s data shows growth across all loan categories, there was a particular surge in car loans.

14,994 car loans were drawn down during the three month period, up 25% on the same time in 2022.

The value of car loans jumped by almost 40% to €189 million, with the average car or auto finance loan increasing by €1,268 to €12,599.

Meanwhile, the number of home improvement loans rose by 13% to 14,419, while the value rose by almost 24% to €174 million.

The average home improvement loan increased by €1,047 to €12,041.

Just under 24,000 loans for other purposes, such as education, holidays and special occasions including weddings were drawn down, up 7% year-on-year, with values rising by 14% to €189 million over the same period.

Article Source – Personal loan draw downs hit new high, car loans surge – RTE

Copyright and Related Rights Act, 2000

Related News