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BPFI Personal Loans Report – Q3 2022

Personal loans volumes grew by 12.1% year on year in Q3 2022 – BPFI Personal Loans Report 

Thursday 10th November 2022 – The latest personal loans figures, published by Banking & Payments Federation Ireland (BPFI) today show continued growth in personal loans Q3 2022, with the volume of loans for other purposes such as holidays, education and special occasions up by 26.1% year-on-year. The BPFI Personal Loan Report which is issued on a quarterly basis, details the volume, values and uses of personal loans drawn down from participating BPFI member banks.  

The following are the key figures: 

Total loans 

  • A total of 47, 094 personal loans were drawn down in Q3 2022 valued at €442 million representing an increase of 12.1% in volume and 11.2% in value year-on-year. This 
  • The average personal loan fell to €9,376, down from €9,451 year earlier. 

Car loans 

  • A total of 11, 945 car loans were drawn down in the third quarter of 2022 worth €135 million  
  • The number of car loans fell by 4.4% year on year while the value remained unchanged  
  • The average car loan increased to €11,331 in Q3 2022 the highest value since the series began in 2020. 

Home Improvement loans 

  • In Q3 2022 some 12,746 personal loans worth €140 million were drawn down for home improvements, some 8.4% higher in volume terms and 11.9% higher in value terms than in Q3 2021 
  • The average home improvement loan was €10,994 in Q3 2022 up from €10,652 on the third quarter of 2021. 

Other Loans – including education, holidays and special occasions 

  • The biggest and fastest growing segment was other loans category which includes education, holidays and special occasions such as weddings.  
  • Other loan volumes grew by 26.1% year on year to 22,403 while the value of those loans rose by 21.8% to €166 million.  
  • The average loan in this category was €7,414, down from €7,678 in Q3 2022.  

Commenting on today’s report, Brian Hayes, Chief Executive, BPFI said: “Today’s report shows continued growth in personal loan drawdowns with the volume and value rising in year-on-year terms for the sixth successive quarter and with the highest volume and values reached since BPFI began collecting this data in Q1 2020. Of note is the jump we have seen in the number and value of loans being taken out for other purposes such as holidays, education and special occasions with home improvement loans also on the rise. By contrast however we can see that the volume of car loans has dropped with the value remining static, however we did see an increase in the value of the average car loan to €11, 113.” 

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, Director of Communications, 087 9016880 

The BPFI Personal Loan Report - Q3 2022 is available for download below in PDF format.