Personal loan drawdowns jump by 20% – BPFI
The value of personal loan drawdowns increased by 20.1% in the second quarter of this year to €414 million, compared to the second quarter of last year.
The report on personal loans by Banking & Payments Federation Ireland shows continued strong growth in activity, the most since the data series began in 2020. On an annualised basis, €1.54 billion was drawn down in the twelve months ending June 2022, some 4.7% more than in the twelve months ending March 2022.
Looking at the various loan types, some €141 million was drawn down in home improvement loans in Q2 2022, 12.7% more than in the same period of 2021. This was the highest level since the data series began in 2020.
The value of personal loan drawdowns for car or auto finance meanwhile fell by 0.4% year on year to €128 million while the value of loans for other purposes which includes loans for education, holidays and weddings increased by 59.2% year on year to €146 million.