The number of consumers who took out personal loans during the first quarter of this year, as well as the value of these loans, increased by about a third compared to the same period last year, while the lives of People were starting to get back to normal after the worst of the Covid-19 pandemic, new figures show.
The Banking & Payments Federation Ireland (BPFI) has released its personal lending report for the first quarter of 2022, which shows strong growth in personal lending activity compared to the same period last year.
A total of 39,524 personal loans were drawn during the period, for a value of 384 million euros. The average personal loan was €9,963, the highest level since the second quarter of last year.
The business of drawing personal loans increased in volume by 36.4% over one year and in value by 32.9% over the same period.
The number of home improvement loans increased 26.2% year-on-year to 10,837, while the value increased 31% to 126 million.
A total of 11,901 unsecured auto loans were drawn in the first quarter for €134 million, with volume increasing 10.2% year-on-year and values increasing 14.1%.
The number of loans for education purposes increased by 56.5% to 3,067 during the quarter, while the value increased by 61.5% to 16 million during the same period .
Average loan value increased in most segments between the first quarter of last year and the same period in 2022, with the average home improvement loan increasing by around €400 to €11,590 and the average car loan from almost €400 to €11,285.
BPFI chief executive Brian Hayes said the rise in levies could be attributed to Ireland being under lockdown during the same period last year as it sought to curb the spread of the coronavirus. Covid-19 pandemic.
“Notable are the increases seen in home improvement loan volumes, which increased 26%, and education loans which jumped 56%,” he said. he declares.
“This largely reflects the fact that in the first quarter of 2021 the country was experiencing lockdown while 12 months later life has largely returned to normal, construction has resumed and education has returned to the classroom. .
“And on auto loans, where the first quarter of the year is a key time for new car sales, it’s interesting to see that auto loans were up 10.2%, the average auto loan having increased by nearly €400 to €11,285.”