Applying for a loan

Find out about applying for a loan, what questions to ask, the type of loans available, your credit history and the pros and cons of different types of loans.

Your credit history 

When you fill out a loan application form, the lender will check your credit history. This helps your lender decide whether to give you a loan or not.

Types of loan

Personal loans

There are a number of things to think about before you take out a personal loan; such as, how much can you afford to borrow and how long you should borrow for. With a personal loan you borrow a set amount of money, usually between €2,500 and €25,000, over a set number of years, typically between three and five years although you can get longer term loans.

Paying for your car

How to pay for your car is a big decision. From paying cash, to getting a personal loan or buying a car on finance, there are many possibilities. Before you start to look at cars, work out how much you can afford to spend.

Consolidating debts

Consolidating debts means putting all your outstanding loans into one loan.

Payment protection insurance

Payment protection insurance (PPI) is insurance that will pay out a sum of money to help you cover your monthly repayments on mortgages, loans, credit/store cards or catalogue payments if you are unable to work. This may be as a result of illness, accident, death or unemployment and will be covered on your policy.

High cost credit loans

High cost credit providers typically lend small amounts of money at a high rate of interest over a short period of time, which means the repayments are high.

Mortgage top-up

If you are thinking about topping up your mortgage in order to consolidate other debts, read our information on consolidating debts into your mortgage.


An overdraft is a loan you arrange through your current account. It allows you to spend more money than you have in your current account up to an agreed limit, known as the ‘overdraft limit’.

Equity release

If you own your home and are over 55, an equity release scheme could allow you to release some of the value of your home without having to make repayments during your lifetime, move out or sell your home on the open market.

It Makes Sense’ scheme

‘It Makes Sense’ is a scheme which offers loans of small amounts of money at low interest rates. It is run through participating credit unions and it aims to reduce people’s dependence on money lenders, who often charge very high interest rates.


A pawnbroker will lend you a sum of money where you provide an acceptable item as security on the loan. Jewellery is the main item that pawn brokers accept.

Buy now pay later

Buy Now Pay Later (BNPL) is a type of credit agreement offered by a range of businesses when shopping online and in-store. BNPL credit allows you to buy goods or services and to spread the cost over a number of months or years.

Last updated on 2 February 2023