Comparing the Cost of Credit

 

Do you know how much your personal borrowing is costing you?

Based on borrowing €3,500 repaid monthly over one year:

 

Rate Type

APR %

Monthly Repayments

Total Cost of Credit

AIB

Variable

14.21%

313.20

258.44

Bank of Ireland

Variable

14.8%

314.06

268.72

Bank of Ireland

Fixed

15.9%

315.65

287.81

Ulster Bank

Fixed

15.3%

314.78

277.42

Permanent TSB

Variable

14%

312.92

254.77

Mallow Credit Union

Variable

9.4%

305.81

169.05

Based on borrowing €3,500 repaid monthly over three years:

 

Rate Type

APR %

Monthly Repayments

Total Cost of Credit

AIB

Variable

12.7%

166.11

979.92

Bank of Ireland

Fixed

14.9%

170.82

1149.34

Bank of Ireland

Variable

13.8%

168.46

1064.66

Permanent TSB

Variable

13.0%

166.75

1003.04

Ulster Bank

fixed

13.3%

167.39

1026.15

Mallow Credit Union

Variable

9.4%

159.43

739.93

 

Comparison figures courtesy of www.itsyourmoney.ie and www.providentpersonalcredit.ie 3/08/2013

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