Total value of personal loans hits €670m

The average personal loan value rose by €374 year on year to €10,709

A total of 62,598 personal loans were drawn down valued at €670m, representing an increase of 17.2% in volume and 21.5% in value year on year. Picture: Pexels

A surge in car and home improvement loans has seen the value of personal loans hit record levels, passing €670m, a report from the Banking & Payments Federation Ireland (BPFI) showed.

Car loan values jumped 21.4% year on year to €229m while home improvement loan values rose by 17.6% to €204m, the BPFI report for Q3 in 2024 showed. The report details the volume, values and uses of personal loans drawn down from its member financial institutions.