ways-to-borrow

Ways to borrow money

Understanding your borrowing options

To apply for borrowing, you must be 18+ and living in the Republic of Ireland. Subject to lending criteria.

Credit card, Loan or Overdraft?

It's not always easy to decide whether you need a credit card, loan or overdraft, so we've summarised the key details about each option below to help you decide which borrowing option is right for you.

Credit cards

A credit card lets you buy things up to an agreed limit and pay for them later. 

How this option could help

  • You could use it to make different purchases and pay for them later, either in one go or in installments
  • Could be used to consolidate other credit or store card balances
  • It could spread the cost of a big purchase
  • If you use your card responsibly it could have a positive impact on your credit score

Things to keep in mind

  • You will be charged interest on any outstanding balance. So if you only pay back the minimum monthly payments, it's an expensive way to borrow. You should try and repay your balance in full, or as much as you can each month
  • You might have to pay a fee if you're late with monthly repayments. This would result in you having to pay back even more
  • If you struggle to meet the monthly repayments on time it could have a negative impact on your credit score
  • Lending criteria, terms and conditions apply.
  • To apply, you must be a Republic of Ireland resident, aged 18+. Subject to status and conditions. You need to earn at least €40,000 per year to apply for a Black Credit Card. 
  • Government stamp duty of €30 applies
Compare our credit cards
Loans

A personal loan will allow you to borrow a fixed amount over a fixed period of time. 

How this option could help

  • You’ll know how long it will take to repay your loan and how much you need to pay back each month
  • An option if you're looking to consolidate debt or fund a one-off large purchase or project
  • Suitable for medium and longer term borrowing needs

Things to keep in mind

  • You might have to pay a fee if you're late with monthly repayments. This would result in you having to pay back even more
  • If you're unable to meet your repayments on time it could have a negative impact on your credit score
  • Available to over 18s and existing Ulster Bank current account customers resident in the Republic of Ireland only. Subject to approval. Lending criteria, terms and conditions apply.
About our loans
Overdrafts

An arranged overdraft allows you to spend a bit more money than you hold in your current account, up to an agreed limit. 

How this option could help

  • Could be suitable if you need to cover a short term expense
  • Useful for covering unexpected bills or as a short-term safety net before your next payday
  • Could be useful if your income or outgoings vary from month to month

Things to keep in mind

  • You will be charged interest on the amount of arranged overdraft you use. The interest is normally incurred daily and charged to your current account on a monthly basis
  • If you go over your arranged limit, you’ll be charged interest. This could result in payments being rejected, and additional charges
  • The interest rate for overdrafts may be higher than the interest rates for personal loans and credit cards
  • Open to Republic of Ireland residents, aged 18 or over with an eligible Ulster Bank current account. Lending is subject to credit review and approval.
  • €25 overdraft set-up fee applies - paid when your overdraft is set up or your limit is increased 
  • €25 annual overdraft fee applies - paid annually on the anniversary of the overdraft set-up date or the date a limit increase is applied
See our overdrafts
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