Credit Union Loan Rates (ROI)

As credit unions are independent from each other, each credit union sets its own loan interest rates at local level. The maximum rate which a credit union in the Republic of Ireland or Northern Ireland currently charges is 12% (12.68% Annual Percentage Rate), but in practice credit union loan rates tend to be significantly lower than this.

The Irish League of Credit Unions carried out research in July and August 2025 into the loan interest rates charged by its affiliated credit unions in the Republic of Ireland. Below are the findings.

Personal Loans

The average rate charged by an ILCU affiliated credit union in the Republic of Ireland for a personal loan is 10.42% APR.

Loan Amount	Variable Rate	Term	Monthly Repayments	Total Repayments
€3,000	10.42% APR	2 years (24 monthly repayments)	€139.02	€3336.41

Car Loans

The average rate charged by an ILCU affiliated credit union in ROI for a loan to buy a car is 7.7% APR. This is based on a €15,000 loan to buy a second-hand hybrid car.

Loan Amount	Variable Rate	Term	Monthly Repayments	Total Repayments
€15,000	7.7% APR	5 years (60 monthly repaymentst)	€302	€18,119.81

Home Improvement Loans

For a loan for home improvements, the average rate charged in ROI was 7.22% APR. This is based on a €20,000 home improvement loan to fund external insulation and new windows.

Loan Amount	Variable Rate	Term	Monthly Repayments	Total Repayments
€20,000	7.22% APR	5 years (60 monthly repaymentst)	€398.10	€23,886.19

Education/ Student Loans

For an education or student loan, the average rate charged was 6.7% APR. This is based on a €3,000 loan to fund third level education, repayable over 3 years.

Loan Amount	Variable Rate	Term	Monthly Repayments	Total Repayments
€3,000	6.7% APR	3 years (36 monthly repayments)	€92.22	€3,319.93

Loan Interest Rebate - You get it back!

As well as offering very competitive loan rates, many credit unions give a loan interest rebate to members. This means that members get a refund of some of the loan interest which they paid during the year. For the year ending 30 September 2024, 46% of credit unions affiliated to the Irish Leeague of Credit Unions issued a rebate, with the average rebate amounting to 3.7%.

This analysis was carried out between 16^th June and 8^th August 2025 and includes data for all active credit unions in the Republic of Ireland.

When calculating the average rates for car loans, home improvement loans, and student loans, credit unions that did not offer a specific rate for these purposes were included using their standard personal loan rate.

The average rates included were calculated using the median to give a stronger representation of the ‘centre’ of the dataset.

Please note, this data is provided for illustrative purposes as a guide to the average loan rates charged by ILCU affiliated credit unions. Each credit unions sets its interest rates at local level. In some instances, credit unions may offer discounted rates for certain categories of borrowers (e.g. first-time borrowers). A member should always check with their local credit union to determine the relevant loan rates.

Loans are subject to approval. Terms and conditions apply. If you do not meet the repayments on your loan, your account will go into arrears. This may affect your credit rating which may limit your ability to access credit in the future.
Credit unions in the Republic of Ireland are regulated by the Central Bank of Ireland.
Credit unions in Northern Ireland are authorised by the Prudential Regulation Authority, and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Credit Union Loan Rates (NI)

For information on the rates charged by credit unions in Northern Ireland, please click here.