Most loans from credit unions

A recent survey by the Competition and Consumer Protection Commission revealed that just 9pc of adults took out a personal loan over the last year but of those who did, 60pc obtained theirs from a credit union, as reported in the 'Your Money Loans Special' magazine with the Irish Independent.

The study also reveals that consumers aged between 25 and 34 were the most likely to take out a loan in the last 12 months (16pc), with car finance (41pc), holidays (25pc) and home improvements (20pc) as the top three reasons.

The average loan amount was just under €5,000, typically paid back over three years.

According to the Irish League of Credit Unions, the average standard loan interest rate across its member institutions is 10.47pc, but they offer competitive rates for specific-purpose loans, with 7.51pc average rate for car loans, a 7.25pc average rate for home improvement loans and a 6.5pc average rate for educational loans.

Of course, you need to be a member to avail of these rates.

(Contributed by Kilcullen Credit Union.)