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Bank lending rates to business - secrecy

  • 24-02-2014 3:38pm
    #1
    clear thinking
    Registered Users, Registered Users 2 Posts: 558 ✭✭✭


    Would anyone know if there is a comparison site for Irish Bank lending rates to business?

    Do ISME or IBEC publish it even?

    There is no transparency on the bank sites and I cant find comparison sites anywhere.


Comments

  • #2
    pedronomix
    Closed Accounts Posts: 997 ✭✭✭pedronomix


    AA is the rate band that applies to small business, so just check out each bank for term and overdraft rates


  • #3
    sandin
    Closed Accounts Posts: 1,594 ✭✭✭sandin


    it also depends on the risk, the type of loan and the security offered.

    I have just got a 3 year term loan secured on property and paying 5.45% with AIB, Ulster quoted 5.85%
    Unsecured is probably 2% or 3% higher.

    If you don't have 3 years accounts, they may have a different rate.


  • #4
    clear thinking
    Registered Users, Registered Users 2 Posts: 558 ✭✭✭clear thinking


    Thanks, my question really is why is it not transparent though!
    it should be easy for businesses to find what the rates are for different types of loans in all the banks at the rating that would apply ... As you say a start up might pay more than a profitable company


  • #5
    sandin
    Closed Accounts Posts: 1,594 ✭✭✭sandin


    clear thinking wrote: »
    Thanks, my question really is why is it not transparent though!
    it should be easy for businesses to find what the rates are for different types of loans in all the banks at the rating that would apply ... As you say a start up might pay more than a profitable company

    They usually have them printed on a sign inside the branch - as interest rates can potentially change every moth, they tend not to printed takeaway leaflets or they quote a percentage above the libor or other such published rate.

    In general business lending is about 5.5 - 8% at present


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