AIB personal loans review 2021 and calculator | Finder UK

AIB loan calculator and review 2021

If you're planning home improvements, a new car or a wedding, a fixed rate personal loan from AIB (formerly First Trust Bank) could offer you the financial flexibility you need.

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Name Product Total Payable Monthly Repayment Representative APR Link
AIB Personal Loan
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 5.6% p.a. (fixed). Representative APR 5.6% and total payable £10,864.08 in monthly repayments of £301.78.
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Compare up to 4 providers

Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

Late repayments can cause you serious money problems. See our debt help guides.

How do AIB personal loans hold up against the competition?

Table: sorted by representative APR, promoted deals first

Before you take out a personal loan, it’s smart to read up and shop around. You can use the table below to see how much you’d be likely to pay for the loan you have in mind from a range of lenders.

Name Product Total Payable Monthly Repayment Representative APR Link
Lending Works Personal Loan
Check eligibility
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 8.7% p.a. (fixed) with an application fee of £0.00. Representative APR 13.5% and total payable £12,083.04 in monthly repayments of £335.64.
AIB Personal Loan
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 5.6% p.a. (fixed). Representative APR 5.6% and total payable £10,864.08 in monthly repayments of £301.78.
Hitachi Personal Finance Hitachi Personal Loan
Check eligibility
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 3.5% p.a. (fixed). Representative APR 3.5% and total payable £10,539.72 in monthly repayments of £292.77.
Lloyds Bank Existing Customer Personal Loan
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 3.9% p.a. (fixed). Representative APR 3.9% and total payable £10,601.64 in monthly repayments of £294.49.
Barclays Bank Existing Current Account Customer Barclayloan
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 5.5% p.a. (fixed). Representative APR 5.5% and total payable £10,848.60 in monthly repayments of £301.35.
Zopa Personal Loan
Check eligibility
View details
Representative example: Borrow £10,000.00 over 5 years at a rate of 8.8% p.a. (fixed) with an application fee of £240.00. Representative APR 9.9% and total payable £12,602.87 in monthly repayments of £210.05.
My Community Bank Personal Loan
Check eligibility
View details
Representative example: Borrow £10,000.00 over 3 years at a rate of 23.9% p.a. (fixed). Representative APR 23.9% and total payable £13,678.20 in monthly repayments of £379.95.
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Compare up to 4 providers

Please note: You should always refer to your loan agreement for exact repayment amounts as they may vary from our results.

AIB loan rates at a glance

The AIB Personal Loan charges 5.6% APR representative on loans between £5,000 and £25,000. AIB offers the loan with repayment terms between 1 and 5 years and applicants can apply to borrow from £1,000 to £25,000.

What is AIB?

Allied Irish Banks (AIB) Group is a commercial banking group in Northern Ireland. First Trust Bank was formed in 1991 when TSB Northern Ireland merged with AIB Group’s other interests, then in 2019 it made the switch to simply “AIB”. If you’re approved for a personal loan with AIB, it will act as a lender not as a broker.

How do AIB loans work?

Unlike many of its competitors, the interest rate you’re offered on a personal loan with AIB will not vary depending on your individual circumstances. Under its “fairness guarantee”, the rate you’re quoted when you apply will be the one you get.

A personal loan can be used for anything from medical or vet’s fees to home improvements, a new car, wedding or furniture. Paying a large amount at one time can be difficult, but AIB can help you pay the money back over a set period with a competitive fixed rate loan. It’s quick and simple to apply online at the AIB website.

To be eligible, you must already hold a personal current account with AIB.

Overview of features

Loan typeUnsecured Personal Loan
Loan amounts£1,000.00 to £25,000.00
Loan terms1 Year to 5 Years
Loan rate typeFixed
Product fee0%
Same day funding available
Instant decisions in most cases
Soft-search facility available
Joint applications
Overpay without penalty
Concurrent loans allowed
Topping-up pays off existing loan and initiates a new loan
Repayment methodsDirect Debit
Representative example: Borrow £10,000.00 over 3 years at a rate of 5.6% p.a. (fixed). Representative APR 5.6% and total payable £10,864.08 in monthly repayments of £301.78. It’s important to note that the rate you are ultimately offered by AIB can depend on factors like your credit rating, income and expenditure. It may differ from the advertised “Representative APR”, because each loan application is assessed on an individual basis.

What is APR?

If you’re comparing any credit-based products, it won’t be long before you’ll come across the annual percentage rate (APR). This figure is designed to provide an annual summary of the cost of a loan. It takes into account both interest and any mandatory charges to be paid (for example an arrangement fee) over the duration of a loan.

All lenders must calculate the APR of their products in the same way and must tell you the APR before you sign an agreement, so for consumers it can be a handy tool for comparison.

Bear in mind that lenders are only obliged to award this rate to 51% of those who take out the loan and the other 49% could pay more. That’s why it’s often referred to as the representative APR.

Am I eligible for an AIB personal loan?

You should only apply for an AIB personal loan if you’re certain you can meet the repayment terms. You must also:

  • Have an AIB personal current account
  • Be aged 18 or over
  • Have a good credit history

What credit score do I need to get a AIB loan?

AIB typically offers loans to applicants with high credit scores. It's important to note that your credit record is just one factor that AIB will consider, however if you don't have a high credit score, you're very unlikely to get approved for a AIB loan.

A "Good" or "Excellent" credit rating would require a score of 881 or higher, if you're referring to Experian's scale, 420 or higher if you're referring to Equifax's scale and 604 or higher if you're referring to TransUnion's scale.

Do AIB loans give an instant decision?

No, currently decisions aren't instant.

Can I get a second AIB loan?

AIB doesn't allow you to run multiple loans at the same time. However, AIB does allow you to effectively "top up" your loan, by closing your current loan and starting a new, larger loan (you can call AIB on 0800 38 22 65 for details). There's no penalty for repaying ahead of time, but bear in mind that overpayments may be subject to up to two month's of interest beyond the date on which you overpay. Don't forget, each application for credit will be considered on its own merit.

Can I make overpayments on a AIB loan?

Yes, you can make overpayments without incurring any penalty fee. However AIB can continue to charge interest for up to two months on any sums overpaid, so although making overpayments stands to save you money in interest, you may not save quite as much as you'd imagined.

How can I apply for an AIB loan?

  • You can apply for an AIB personal loan through your online banking or via the app.
  • You must be an existing personal current account customer and be registered for online services.
  • Fill out the simple online application form which should take around 10 minutes. It will ask for your address history and details about your employment and outgoings.
  • To find out the decision, simply log back in to your online account or app.

How long does it take for AIB to approve a loan?

AIB will normally process your loan application within three hours, as long as you apply during normal business hours. If your application is approved, you’ll then need to sign your loan documents before the funds will be deposited in your bank account.

Frequently asked questions

We show offers we can track - that's not every product on the market...yet. Unless we've said otherwise, products are in no particular order. The terms "best", "top", "cheap" (and variations of these) aren't ratings, though we always explain what's great about a product when we highlight it. This is subject to our terms of use. When you make major financial decisions, consider getting independent financial advice. Always consider your own circumstances when you compare products so you get what's right for you.

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