PTSB personal loan rates changing from today
PTSB has announced what it says is a major overhaul of the bank’s suite of personal loans, including cutting interest rates for most new borrowers.
From Wednesday, the banks personal loans will be offered on a simplified structure with just three interest rates linked only to the amount of the loan.
Personal loans of between €1,500 and €9,999 will carry an 8.5pc interest rate – down from a previous 13.4pc.
Loans between €10,000 and €24,999 will carry a 6.99pc rate and loans of €25,000 or more will carry a 5.99pc rate. The new rates are available to both existing and new customers.
The bank is also launching a new ‘Affordability Calculator’ which will provide customers with an indicative eligible loan amount.
Dermot Ryan, PTSB’s Head of Product & Pricing Strategy said the new structure is a competitive propositio.
“We have created a more simplified and easier to follow loan offering which customers can easily assess and apply for, and the digital application experience for PTSB customers is transformed,” he said.
Most customers who are already in the process of applying for a loan will be automatically switched into the cheaper alternative, the bank said. Customers who benefit more under the current pricing and have an application in will get the loan offer they’d already applied for.