Competition heats up in loans market
Competition in the personal loans market is set to heat up with credit card company AvantCard ready to launch a new product.
Spanish company AvantCard took over MBNA in 2012. The loan offer will apply to its own credit card customers.
AvantCard is offering rates that match those of the banks.
Customers can avail of personal loans for amounts from €5,000 up to €30,000, with rates from 9.9pc for up to five years.
The personal loans will initially be made available to qualifying existing customers and provided through AvantCard Limited by its parent company EVO Banco SAU, a bank based in Madrid.
Head of commercial management at Leitrim-based AvantCard Catherine McGrath said it was hoped to soon make the loan product available to people who do not have a credit card.
AvantCard is not taking on new credit card customers, but has plans to acquire new customers next year.