Record high of €2.5 billion in personal loan drawdowns in 2024 with car loan values up by 20% and green loans up over 25% on 2023
- Highest annual loan activity levels on record with overall volumes up by 13% and values up by 21.6% compared to 2023
- 66,207 car loans valued at €856 million were drawn down in 2024
- Average green loan value in 2024 was €23,081, more than double the average of all loans
Friday 16th May 2025 – Annual personal loan activity, including car, home improvement and green loans, reached record highs in 2024, according to new figures from Banking & Payments Federation Ireland (BPFI). Total loan values rose by over 20% (21.6%) to almost €2.5 billion compared to 2023, while loan volumes rose by 13% to 229,423, over the same period. The BPFI Personal Loans Report for Q4 2024, published today, outlines the volume, values and uses of personal loans drawn down from participating BPFI member banks. The following are the key figures from the report:
Total loans
- There were 56,381 personal loan drawdowns in Q4 2024, valued at €588 million, representing an increase of 28.3% in volume and 32.8% in value year on year.
- Looking at 2024 as a whole, more than 229,423 personal loans were drawn down, up 13% compared to 2023. The value of drawdowns rose by 21.6% to almost €2.5 billion.
Car loans
- The number of car or auto finance loans rose by 29.2% year on year to 15,251 in Q4 2024, while the value of loans increased by 32.5% to €195 million.
- The average car loan in Q4 2024 was €12,757 up from €12,442 a year earlier.
- In total during 2024, almost 66,207 car or auto loans were drawn down valued at €856 million. The volume and value of car loans increased by 14.6% and 20.2% respectively.
Home improvement loans
- There were 15,033 home improvement loans in Q4 2024, up by 22.4% year on year. These were valued at €182 million, 30.8% higher than Q4 2023.
- The average home improvement loan value in Q4 2024 was €12,086 up from €11,305 on Q4 2023.
- In annual terms, home improvement loan volumes reached 60,322 an increase of by 6.8% compared to 2023, while values rose by 19.4% to €754 million.
Other loans – including education, holidays and special occasions such as weddings
- A total of 26,097 for other purposes, were drawn down in Q4 2024, a rise of 31.3% in volume year on year, with values rising by 34.7% to €212 million over the same period.
- The average loan value in Q4 2024 for other loans increased to €8,106 up from €7,900 in Q4 2023.
- In total during 2024, there were 102,894 other purpose loans valued at €840 million, up by 16.0% and 25.1% respectively.
Green loans
- The value of green personal loans jumped by 56.8% year on year to €30.2 million in Q4 2024. The number of green loans rose by 48.7% over the same period to 1,326.
- The average green loan was relatively high at €22,795 in Q4 2024, more than twice the average of €10,425 for all loans in the same quarter.
- In annual terms, green loan volumes jumped by 21.4% to 5,178 while the value of green loans rose by 25.5% to €120 million.
Commenting on today’s report, Brian Hayes, Chief Executive, BPFI said: “Our latest figures show continued increase in demand for personal lending in the fourth quarter of 2024 indicating strong household spending power and consumer confidence. Annual figures show that the total number of personal loan drawdowns in 2024 was 229,423 valued at nearly €2.5 billion, an increase of 13% and 21.6% in volume and value respectively compared to 2023, and the highest activity levels since the data series began in 2020. These figures come as the Central Bank of Ireland reported that there was more than €13 billion in outstanding consumer credit at the end of March 2025, the highest level since February 2020. Within that, consumer credit with terms of over one and up to five years increased to more than €10 billion, the highest value since June 2010.”
Mr Hayes continued: “Looking more closely at key categories, each segment reached its highest volume and value in annual terms, with other loan activity (including education, holidays and special occasions such as weddings) more than doubling since 2020. There were 102,894 other purpose loans valued at €840 million in 2024. The value of car or auto finance loans increased by 20.2% to €856 million in 2024, while home improvement loans increased by 19.4% to €754 million.”
Looking specifically at green loan activity, Mr Hayes added: “It is encouraging to see a continued rise in demand for green personal loans with 5,178 green personal loans valued at €120 million in 2024. Annual volumes and values increased by 21.4% and 25.5%, respectively. The average green loan rose by €764 in 2024 to €23,081, more than double the average value of all loans at €10,676.”
The BPFI Personal Loans Report Q4 2024 can be downloaded here.
ENDS/
Data Series: Personal loan report data from Q1 2020 onwards is available in Microsoft Excel format (*.xls) in the BPFI Personal Loan Report data series. BPFI data on green loans is available from Q1 2022. Download 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 over 125 member institutions and associates, including licensed domestic and foreign banks and institutions operating in the financial marketplace.
For further information contact: Fiona Murphy, Head of Communications, Fiona.murphy@bpfi.ie or Jillian Heffernan, Director of Communications, jillian.heffernan@bpfi.ie.
