Chill Insurance to offer personal loans from new unit

Chill Insurance, Ireland's largest insurance broker, is to begin offering personal loans of up to €50,000 in the Republic in a move that is expected to create 50 jobs over the next 12 months.

Branded as Chill Money, the service was launched online on Thursday, and will offer amounts from €3,000 to €50,000 to be repaid over one to five years. Leitrim-based AvantCard will act as the lender and servicer for the loans.

Annual interest rates will range from 8.9 per cent up to 12.9 per cent depending on the size of the loan.

"We believe Chill Money will shake up the personal finance sector in Ireland as we once again champion user-experience, accessibility and speed," said Chill Money general manager Fergal Lynch.

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“Consumer confidence is on the rise so people want to borrow again to fund purchases such as cars, home improvements or special events like weddings. There will be a strong demand for Chill Money as people move away from long queues and lengthy applications by phone or in person. Our commitment to customers is that we will be nothing like a bank”.

According to Chill Money, the process will be conducted online with customers able to establish in less than four minutes if they qualify for a loan. Successful applicants will see funds lodged into their bank account within 24 hours or one working day.

To qualify for a loan a customer must be over 18, a resident in the Republic and have a net monthly income of at least €1,450 per month paid into their bank account.

The online application process involves uploading documents to assist verification of customer details. This includes a utility bill, a copy of a driver’s licence or passport and three recent monthly bank statements.

AvantCard is a specialist consumer finance business, providing credit card and personal loans in the Republic. It has evolved from the same Irish business established by MBNA Europe Bank Ltd in March 1997. MBNA was first established in Dublin, followed by the opening of a purpose-built operational facility in Carrick-on-Shannon.

AvantCard acquired the MBNA business in 2012. The company works exclusively with EVO Banco, a Spanish financial group.