Personal Loan v's Overdraft & Credit Card

C

casperjack

Registered User
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Hi

I have a bank overdraft of €1k and a credit card debt of €900. Just wondering if anyone knows if I would be better off interest wise getting a personal loan to pay them both off. My bank is AIB. I'd appreciate any advice on this.

Casperjack
 
That would really depend on the term of the personal loan-are you financing short-term credit over the medium to long term? How long would you take to pay off the personal loan? 6 months, 12 months etc? Note also that most banks will charge higher rates for small amounts borrowed over short periods. Typical personal loan rates quoted in ads etc. will be based on say, €5000 borrowed over 3 years, or 10k over 5 years etc.
 
Casperjack,

if it's any good to you, IFSRA did a personal loan cost survey last year & one of the loans was for €2k over 12 months. You can at least have a look & see how much it would cost you. www.ifsra.ie
 
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