Surge in applications for home-improvement loans

there was a 47pc surge in applications for loans to cover the expense of home improvements in the very first 3 quarters of the year.Average quantities sought were down somewhat to EUR10,000, Bank of Ireland said.Most of those making an application for a loan to do

up their house were over the age of 35, with the average age coming in at 41. Mobile phones and the bank’s site

are now the most popular channels for making loan applications.The bank declares its new rate of 6.8 pc for quantities over EUR20,000 is the

most affordable in the market for an unsecured loan.For amounts in between EUR300 and EUR1,999, the bank has a new rate of 8.9 pc.

For loans in between EUR10,000 and EUR19,999, the rate is 7.5 pc.Head of loans at Bank of Ireland Christine Hamill said clients have wide

varying monetary needs when it concerns personal loans. “Following a strong first half we continue to see a constant increase in consumers seeking to borrow for home enhancements with most of applications being made online. “The introduction of tiered rates suggested consumers can now make cost savings throughout a loan.The. bank would endeavour to move the funds within 2 to three days of an application, Ms Hamill added.She said customers can clear a loan early

and pay less interest with no charges and even take a break by postponing the first three months’payments which can be practical throughout times of significant monetary outgoings.The loans are for amounts of as much as EUR65,000.

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“article_roadblock”]’ data-dfpadtargeting =’ “art_id”: “36349497”‘ > Stock Image THERE has actually been a surge in house improvement loans in the first 9 months of the year, Bank of Ireland states.