Loans

If you are borrowing money or buying goods on hire purchase it is important that you:

Ensure that you can afford to borrow

Make sure that you can afford to pay back what you are going to borrow. Be realistic about your living costs. Make sure that any money you have left after you pay for essentials is sufficient to cover the cost of a loan.

Get a loan to suit you needs

There are many different types of loans and credit. Each type of credit is suitable for a different purpose. Some are more suited to short-term borrowing and others are more suited to medium to long-term borrowing. Some loans are quite flexible while others are not flexible or are only flexible if you get a variable interest rate. A variable interest loan means that the amount that you pay back can change when interest rates change.

Credit History and your right to privacy

If you have ever used credit before you will have a credit history. A credit institution can refuse to give you a loan if you have not complied with the terms and conditions of previous loans. The Irish Credit Bureau keeps a database of all borrowers and credit institutions can check the status of previous loans taken by a potential borrower.