Friday 24 November 2017

PTSB creates €100m pot for personal loans

Peter Flanagan

Peter Flanagan

PERMANENT TSB is to increase lending for car and personal loans over the next year.

In a statement, the bank said it had set aside €100m for education, car and personal lending.

In a move designed to target customers who traditionally go to the credit union for smaller loans, the bank said the annual percentage rate for such loans would vary from 9.3pc APR for a car loan of more than €20,000 to 14pc APR for a personal loan of less than €5,000.

The bank's head of consumer finance, Miriam Bloom, said the new products showed it was "determined to grow" its share of the personal lending market.

"Ultimately the amount we lend will depend on consumer demand, but we have put the resources in place to support up to €100m in personal lending.

"This would be four times the level of personal loans drawn down by our customers last year," she claimed.

Among the products the bank is launching will be 'Build & Borrow', which allows a customer to borrow up to four times their savings.

In January, the bank said it would make about €450m available in new lending this year. Some €300m of that would be in mortgages.

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