⚖️ Loan Comparison
Which of these loans is actually cheapest?
Loans are sold on the monthly payment, and the monthly payment can be made smaller on any loan by stretching the term. Comparing offers that way reliably picks the most expensive one on the table. This ranks them on what the credit actually costs, and shows you when the smallest payment is the dearest deal.
Figures reviewed September 2026. Free, no signup, nothing stored on our servers.
What this means
The total cost of credit is the interest plus any fees — everything you hand over beyond the amount borrowed. It is the only figure that makes two different offers comparable, and it is the one that never appears in an advertisement.
Cost per €1,000 borrowed makes offers of different sizes comparable too. A €5,000 loan and a €20,000 loan at the same rate and term have the same cost per thousand, which strips out the size and leaves the price of the credit itself.
The APR is what belongs in these fields. Irish lenders are required to quote it, and unlike a nominal rate it accounts for the charges and the timing of payments. Two loans quoting the same nominal rate can carry different APRs, and the APR is the one that tells the truth.
What affects the result
- The term. Lengthening a loan lowers the payment and raises the cost, every time, with no exceptions.
- The APR rather than the nominal rate, because the APR includes the charges.
- Arrangement and documentation fees, which are part of the cost of the credit even where they are not part of the balance.
- Whether the lender charges an early-repayment penalty, which decides whether you can shorten the loan later.
- Whether payment protection insurance has been bundled in, which it should not be without a separate decision.
- Credit union loans, which charge on the reducing balance and frequently carry no penalty for paying early.
Which of these loans is actually cheapest?
Shorten the term, not the payment
The single most effective thing you can do with a loan offer is take the shortest term you can genuinely afford. It costs more each month and less in total, and every extra year is interest you are volunteering to pay.
Ask about early repayment
A loan you can overpay without penalty gives you the option to shorten it later, which is worth having even if you never use it. Ask before signing — it is not always in the headline terms.
Before you borrow at all
If the loan is to consolidate existing debt, check what the existing debt is costing first with the payoff calculator: consolidation over a longer term frequently lowers the payment and raises the total. If it is for a car, PCP versus HP versus cash compares the structures rather than just the rates. And if it is for a house, the mortgage calculator is the right tool.
Important assumptions
Every figure on this page rests on these. Where one does not match your situation, the answer moves — sometimes a great deal.
- Every loan is treated as a standard amortising loan on monthly rests, which is how Irish consumer credit is charged.
- The APR you enter is applied as the annual rate. Where a lender quotes only a nominal rate, ask for the APR — they are required to give it.
- Fees are added to the cost of the credit, not to the balance, so they do not attract interest here. A fee that is added to the loan itself costs slightly more than shown.
- No early repayment, payment break or rate change is modelled.
- Payment protection insurance, where it is being sold with the loan, is not included and should be priced separately.
Official sources
Where this tool applies a published rule, this is where the rule comes from. Check the source before acting on anything that matters.
- CCPC — loans and credit
The statutory consumer body’s independent comparison of Irish personal loan rates and its guidance on the cost of credit.
- Central Bank — Consumer Protection Code
The rules a regulated lender must follow when assessing affordability and disclosing the cost of credit.
- Citizens Information — taking out a loan
How APR works, what lenders must disclose under the Consumer Credit Act, and the cooling-off period.
- Central Credit Register
What a lender sees about your existing credit when assessing an application, and how to get your own report free.
Common questions
What is APR and why does it matter?
The Annual Percentage Rate expresses the full cost of the credit — interest plus mandatory charges — as a yearly percentage, calculated in a standard way so that two offers can be compared. Irish lenders must quote it. A nominal rate without an APR beside it is not a comparable number.
Is a longer loan with lower payments cheaper?
No — it is almost always more expensive, often substantially. The payment is smaller because you are borrowing the same money for longer, and interest accrues for every extra month. This tool shows exactly how much that costs.
Are credit union loans cheaper than bank loans?
Sometimes, and it depends on the credit union and the amount. What is more consistently true is that credit unions charge interest on the reducing balance and generally allow early repayment without penalty, which means a loan paid off early genuinely costs less. Compare the APR either way.
Should I take payment protection insurance with a loan?
Decide on it separately, and never let it be assumed into the offer. It is a distinct product with its own price and its own exclusions, and bundling it into a loan comparison makes the loan look dearer or cheaper for reasons that have nothing to do with the credit.
Does applying for several loans hurt my credit record?
Applications are recorded on the Central Credit Register, and a cluster of them in a short window is visible to lenders. Get indicative quotes where you can before making formal applications, and check your own free report first so there are no surprises.
What to check next
When will this debt actually be gone?
Payoff date, total interest, and what an extra €50 a month would change.
Debt Payoff CalculatorNewWhat is the cheapest way to pay for this car?
Three ways of buying the same car, compared on total cost rather than monthly payment.
PCP vs HP vs CashPopularWhat will the repayments be?
Repayments, total interest and how Irish lender rates compare.
Mortgage CalculatorWhat does the Budget mean for me?
Your household measured against the latest Budget changes.
Budget Impact CheckerNext steps across CheckIreland
Picked for what you just worked out — not a list of everything we make.
- What the existing debt costsConsolidating over a longer term lowers the payment and raises the total. Check before you borrow.
- Can the payment actually be afforded?A lender assesses affordability on paper. This does it on your own numbers.
- If the loan is for a carPCP, HP and a personal loan are different structures, not just different rates.
CheckIreland is independent and is not affiliated with the Irish Government or any public body. This tool is general information built on published rules and typical costs — it is not financial, tax or legal advice, and it does not account for your individual circumstances. Confirm anything that matters with the relevant body or a qualified adviser before acting on it.