Irish bank Permanent TSB has set aside 100m (£86.47m) for lending as car, education and personal loans.
Rates will vary from 9.3% APR for car loans of more than 20,000 to 14% APR for personal loans of less than 5,000.
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The company said it was determined to build its presence in the personal loan market and would target smaller loans which customers typically applied for at credit unions. The 100m pot is four times the amount taken up by Permanent TSB customers as personal loans in 2012.
However, Permanent TSB will be in competition with manufacturers’ captive finance providers in Ireland, where Audi Ireland is increasing penetration, Volkswagen Bank Ireland has written 500m in five years and BMW Financial Services has increased turnover by 30% (although reported an overall loss) in the market.
richard.brown@timetric.com
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