Tuesday 27 September 2016

PTSB's €15,000 online loans in minutes

Published 19/09/2016 | 02:30

Marcus Brady, the head of consumer finance at PTSB, said the move will allow customers to access loans quickly and simply Picture: Collins
Marcus Brady, the head of consumer finance at PTSB, said the move will allow customers to access loans quickly and simply Picture: Collins

Borrowers will be able to secure loans of up to €15,000, with the cash landing in their accounts only minutes after they have applied.

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State-backed lender Permanent TSB (PTSB) has launched an online personal loan platform for customers who it says can now receive approval, sign their agreement and receive the loan funds to their current account, all online.

The new loan product is open to existing customers whose salaries are paid into their current accounts and who are registered for the bank's Open24 online banking.

Loans of €1,500 and €15,000 can be approved online and be transferred to a customer's account within 15 minutes of starting the application.

Bigger loans of up to €75,000 available on the same terms will be referred to the bank's call centre staff.

Simplicity

Customers who apply for loans through the bank's branch and phone channels will be able to sign the credit agreement and transfer the funds to their current account online.

Marcus Brady, the head of consumer finance at PTSB, said the move will allow customers to access loans quickly and simply.

"We have listened to our customers and delivered an online proposition which meets their expectations of speed and simplicity," he said.

"In addition, the Omni channel approach allows us to maximise the experience for our customers by allowing them to interact with our different channels while completing their loan application.

"For example, a customer can now apply over the phone but complete the journey online."

The bank said the instant decision on loan approval means the customer will be able to have funds in place immediately to drive away in their "dream car, redecorate or finance tuition or holidays in the time it takes to have a coffee".

Lending criteria, terms and conditions apply to the loans, which are only available to single borrowers taking on the debt in their own name.

Irish Independent

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