# Unsecured variable rate personal loans



## Brendan Burgess (24 Feb 2008)

*Best personal loan: Tesco

*Minimum loan amount: €2,500 
Minimum period: 12 months
Loan rate: 6.9% fixed
No penalties for paying off the loan early

*Check your credit union  
*Some credit unions are very expensive, but some others offer great value. It is worth joining your Credit Union so that you can avail of cheap loans. While a Credit Union loan is a fixed rate loan, there is no penalty for paying it off early. 

*Ask your bank for an overdraft.
*If the loan is for a short period, an overdraft might be the best solution. Although the interest rate might be higher, the balance outstanding will usually be lower if you are paying your salary into the account. 

*Things to look out for when comparing loans
*Few loans qualify for the best rate highlighted in the ads.
Smaller loans and short term loans may cost more. 
Always check the APR. 

[broken link removed] is cheaper (6.5%) for loans in excess of €33,000, but this is a fixed rate and they charge you a penalty for paying it off early. Anyway, if you are borrowing €33,000, you should consider remortgaging. 


*[broken link removed]*8.74% APR 

NIB has a variety of [broken link removed]where you can get overdrafts and your credit card at competitive rates. The advantage of these is that the loans are very flexible. 

[broken link removed] 8% to 12.6%

[broken link removed] 8% to 11.3%

EBS loans are provided by GE Money.


*The following is a new type of product that borrowers should consider:*

*
[broken link removed]* (Discuss)

Flexible loan account, similar to an overdraft or credit card, but for larger amounts, and at lower rates.
Borrowings can be used for any purpose, and drawn down at any time, up to the preapproved credit limit.
Interest rate depends on preapproved credit limit, not the actual amount borrowed.

€2,500 - €9,999: 9.50%
€10,000 - €19,999: 8.45%
€20,000 - €50,000: 8.15%

Rates are variable, but repayments are fixed (as a percentage of your credit limit.). Extra repayments can be made at any time.
Interest applies only to the actual balance borrowed.


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## ClubMan (24 Feb 2008)

*Re: Cheapest variable rate personal loans?*

Bear in mind that advertising for personal loans can be misleading - e.g. some lenders may say 8% but there is no guarantee that every successful applicant will qualify for that rate. This has cropped up before in relation to specific loans from specific lenders. Caveat emptor!


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## Brendan Burgess (25 Feb 2008)

Some posters have pointed out that some banks do not appear to charge penalties for early repayment of fixed rate loans. That is discussed here


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## Brendan Burgess (25 Feb 2008)

It seems to me that Tescos is clearly the Best Buy. One low rate for all loans. No early repayment penalties and this is clearly stated on its website. 

Is it this clear?


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## ontour (25 Feb 2008)

> While a Credit Union loan is a fixed rate loan


 
I am open to correction but It is my understanding that a credit union can change the rate of interest charged on loans at each AGM.  Therefore if you took a loan over a number of years, in general, the rate would not be fixed. 

The other factor in credit union loans is that many offer an interest rebate as part of distributing surplus at the end of the year. This would not be guaranteed and should only really come in to consideration if the competing alternative is almost identical in every other respect.


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## Jockey (7 Mar 2008)

Hi Guys,

I am looking for a loan of approx €13k to buy a 2nd car. Having looked at the best buys section alot of the posts for best loans etc are quite old. Is there any updated page with the best loan rates.

I was thinking of getting a loan with my local CU who offer a rate of 7.49% although i am quite tempted by tescos rate which i know very little about. Is there definitely no penalties for paying off early. How it the interest calculated i.e if i pay off early does that mean i still have to pay the total cost of credit as stated in the agreement or a lesser amount?

Thanks in advance

Jockey


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## CUJimmy (6 May 2008)

Guys,

Do any of you have any information on HFC bank. In my job i have seen a number of our members consolidating laons with this company. APR is over 25%. Who are these people and how do they market themselves.

CuJimmy


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## ClubMan (6 May 2008)

Sounds like a sub-prime lender? 25% _APR _is crazy. But not illegal or otherwise untoward.


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## ClubMan (6 May 2008)

Oh - by the way here's an earlier thread relating to them.


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## CUJimmy (6 May 2008)

thanks clubman,

I have looked at their website and there is no menytion of rates. Does anyone know if this is allowed under consumer credit.


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## vixen (8 Jul 2008)

HFC Bank are a finance company used by some computer sales stores. They are legally allowed to charge these exorbitant rates. They do not have to advertise their rates on home page...but must be clearly stated in the credit agreement and T&C's.


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## sexitoni (11 Aug 2008)

Halifax seem to be 8.9% APR even over 33,000.

It would appear that Tesco are still easily the best, right?


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## PaddyW (24 Sep 2008)

Update on HFC from their homepage :

*Welcome*

 						 						  HFC Bank Ltd has closed its operation to new customers in the Republic of Ireland with effect from August 28th 2008


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## realestategu (31 Oct 2008)

Are there any easy way to acquire personal loans, without ant hassles?


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## sexitoni (21 Feb 2009)

Tesco loans are gone.


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## tweety76 (3 Mar 2009)

Brendan said:


> *Best personal loan: Tesco*
> 
> Minimum loan amount: €2,500
> Minimum period: 12 months
> ...


 

On the Rabo credit account, I have one of these but stupidly assumed the rate would be low because it was RABO so didn't check into it first - and its not low. Secondly you will be charged an exit penalty to get out of the loan early or switch to a different financial institution to repay the loan- I was informed of this when I tried to do it.


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## Determined (8 Mar 2009)

Any updates on this ??????


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## Brendan Burgess (8 Mar 2009)

You are very welcome to update it yourself.

Brendan
Administrator


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## Determined (9 Mar 2009)

Will report back soon


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## Determined (12 Mar 2009)

Ok so I went with a 9.9% with the credit union. Probably not the best rate out there (esp having seen a 7.5% with the Halifax today) but there is not get out charge with the credit union, and I'm planning on paying it off early.


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## din0saur (3 Jul 2009)

[broken link removed]

..from the beginning of July 2009, it’s no longer available to new applicants.

The current economic climate means that securing credit is becoming increasingly difficult for many people. At RaboDirect we want to be able to meet customers expectations in terms of the products we offer and unfortunately at the moment, this isn’t the case as far as the Credit Account is concerned. And so, to be fair to our potential Credit Account customers, we’d like to take some time to see if we can address this rather than continue to take people through an application process that doesn’t meet with the expectations we’ve set. Also, the Payment Protection product we were offering was withdrawn from the market on the 30th of June 2009 by our third party provider. And so we feel it’s best all round if we close applications to new customers while we work these things through. We hope this doesn’t put you out too much and hopefully we’ll be able to help you again at some point in the future.


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## mac2 (4 Jul 2009)

No wonder it's becoming more difficult to get credit, when you go and close it down!

Easy to lend when things were good, eh? But not prepared to give your customers a service when things are not so good!


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## imogen (22 Sep 2009)

I have fished around in the past couple of weeks and found that it now seems to be impossible to get an unsecured personal loan in the "car" range (10k to 30k) except if you have an existing relationship with a bank. I got offered 9.19% variable apr by AIB but only after fighting my way through call centre hire purchase waffle to someone actually in my branch with access to my account details. It still appears that the decisions are being made by computers not humans these days though... no-one actually asked me about my current employment status! (which is fine so far, thanks for asking).


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