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BPFI Personal Loan Report – Q1 2022

Strong growth in personal loans in Q1 2022 as home improvement loans jump by 26% – BPFI Personal Loans Report

Wednesday May 11th 2022 – Banking & Payments Federation Ireland (BPFI) has today published the BPFI Personal Loans Report for Q1 2022 showing strong growth in personal loans activity on the same time last year.

The following are the key figures:

Total loans

  • A total of 39,524 personal loans were drawn down in Q1 2022 valued at €384 million
  • Personal loan drawdown activity rose in volume terms by 36.4% year on year and increased in

Value terms by 32.9% over the same period.

  • The average personal loan was €9,963, the highest level since Q2 2021.

Loan types

  • The number of home improvement loans rose by 26.2% year on year to 10,837 while the value rose by 31% to €126 million over the same period.
  • A total of 11,901 unsecured car loans were drawn down in the first quarter of 2022 worth €134 million with the volume rising by 10.2% year on year and values rising by 14.1% over the same period.
  • The number of loans for education purposes increased by 56.5% to 3,067 in Q1 2022 with the value increased by 61.5% to €16 million over the same period.
  • The average loan value rose in most segments between Q1 2021 and Q1 2022 with the average home improvement loan up by about €400 to €11,590 and the average car loan by almost €400 higher at €11,285.

Commenting on today’s report, Brian Hayes, Chief Executive, BPFI said: “This is the second instalment of BPFI’s new Personal Loans Report which provides a comprehensive overview of the numbers and types of personal loans which are being drawn down by consumers. This latest report shows that in the first quarter of 2022 there was strong growth in personal lending with volumes and values up 36.4% and 32.9%, respectively, in year-on-year terms.

Of note are the increases seen in the volumes of home improvement loans, which were up by 26%, and loans for education purposes which jumped by 56%. This is very much reflective of the fact that in the first quarter of 2021 the country was experiencing a lockdown whereas 12 months later life has for the most part returned to normal, construction has resumed and education has returned to the classroom. And looking at car loans, where the first quarter of the year is a key period for new car sales, it’s interesting to see that car loans grew by 10.2% with the average car loan having increased by almost €400 to €11,285.”

Data Series

Personal loan report data from Q1 2020 onwards is available in Microsoft Excel format (*.xls) in the BPFI Personal Loan Report data seriesDownload the BPFI Personal Loan Report time series here.


Note: Banking & Payments Federation Ireland (BPFI) represents the banking, payments and fintech sector in Ireland.  Together with its affiliates, the Federation of International Banks in Ireland and the Fintech & Payments Association of Ireland, BPFI has 100 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace here.

Contact: Jillian Heffernan, Head of Communications, 087 9016880

The BPFI Personal Loan Report Q1 2022 is available for download below in PDF format.