€1.6 billion worth of personal loans were drawn down last year, up almost 19% on 2021, new figures show today.
The figures from Banking and Payments Federation Ireland show that €394m worth of personal loans were drawn down in the fourth quarter of last year, up 14.4% when compared to the same three month period in 2021.
Looking at the different loan types, €126m was drawn down in home improvement loans in the final quarter of last year, 8.7% more than in the same period of 2021.
The value of personal loan drawdowns for car or auto finance rose by 18% year on year to €126m, while the value of loans for other purposes which includes loans for education, holidays and weddings increased by 16.8% year on year to €142m.
"Today’s report shows continued growth in the value of personal loan drawdowns with an annual jump to €1.6 billion in 2022, up by almost 19% on the previous year and the highest figure since the data series began in 2020," said Brian Hayes, Chief Executive of BPFI.