Permanent TSB has now made it possible for its customers to apply and get approval for a loan of up to €25,000 in minutes using its smartphone app.
Following in the footsteps of KBC Bank, Permanent TSB is stepping up its digital functionality - the bank recently made it possible for existing current account holders to apply for a personal loan right through the bank’s mobile banking app.
Who is eligible to apply for a loan in-app?
To get approval in minutes and have their loan paid into their account instantly;
- Customers must already have a current account with Permanent TSB and have their salary paid into this account.
- Loans can only be drawn down and paid back from a Permanent TSB Current Account and loans can only be taken out in the customer’s sole name.
- Customers must be registered for Open24 Online Banking and have downloaded the Permanent TSB mobile app.
For loans greater than €25,000 and up to €75,000 customers can still apply online and the bank will call the customer back to discuss.
What are the details of Permanent TSB’s mobile loans?
For mobile app and online loans, the minimum term is 12 months, and the maximum term is 5 years. The minimum loan amount you can apply for is €1,500, and the maximum loan amount is €25,000 (if you're applying from your phone's app).
Applications will be subject to a full credit assessment. You must be over 18 and lending criteria, terms and conditions apply.
What details do I need in order to apply for a loan from Permanent TSB using its app?
To process your loan application in-app, the bank will need the following:
- A completed and electronically signed loan application, which can all be done through the mobile app or the desktop version of Open24 Online Banking. If your main bank account is with Permanent TSB, this is all you should need.
If your main bank account is not with Permanent TSB, you won't be able to apply in-app but you can still apply for a loan in-branch. You will need:
- Proof of identification, such as your passport.
- Proof of address, such as a utility bill.
- Proof of income, such as 3 months of bank statements from your main personal current account. In certain circumstances, two recent payslips may also be required.
I’ve applied for my loan, now what?
Once you have completed your loan application and have been approved, you’ll be able to transfer your loan into your account instantly.
If you like the sound of Permanent TSB’s new mobile loan service and are thinking of applying for a loan, don’t forget to make sure to compare loan interest rates before you make any definitive decisions! You might find that other banks are offering better rates and though in-app application sure is handy - you don’t want to end up paying a hell of a lot more in repayments for the sake of a little convenience now!
Permanent TSB, catching up with the competition?
We recently compared all of Ireland’s banks in terms of their mobile banking apps and their commitment to consumer-centric innovation in general.
This latest move from Permanent TSB definitely improves its ranking but the fact that it is still yet to offer convenient money payment apps like Apple Pay and Google Pay, which are becoming increasingly de rigueur for many current account holders, means that it’s still somewhat lagging.
That being said, Permanent TSB is still top of the heap when it comes to banking fees, with its Explore account actually giving customers money back with every debit card transaction. Find out how Permanent TSB’s current account stands up to the competition right here.
