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Personal Loans

People are taking on more debt for weddings, cars, and holidays as drawdowns up by 14%

Home improvement loans surpassed car loans in value for the first time in 2022.

MORE PEOPLE ARE taking personal loans out for home improvements, cars, holidays and education according to the latest figures from Banking and Payments Federation Ireland. 

Its report for the last quarter of 2o22 shows “strong growth” in personal loans activity compared to the same time period in 2021. 

The overall value of personal loan drawdowns has taken an annual jump to €1.6 billion in Ireland in 2022, up by almost 19% on the previous year. 

Home improvement loans have now surpassed car loans for the first time, while the fastest growing loan category remains ‘other loans’, which includes education, holidays and weddings. 

Brian Hayes, the Chief Executive of BFPI said that today’s figures show “continued growth in the value of personal loan draw downs.” 

“The value of home improvement loans rose by 15.3% year on year to €533 million, meaning they have surpassed car loans (€523 million) for the first time.

“The fastest growing segment remains the ‘other loans’ category which includes education, holidays and special occasions such as weddings with a jump of 36% on 2021, to €577 million,” he further noted. 

The overall value of personal loan draw downs in 2022 is the highest figure since BFPI started collecting this date in 2020. 

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