National Irish Bank (NIB) has cut interest rates on personal loans from December 30th to March 17th. During this period, personal loans rates will be reduced by up to 1 per cent off the APR. NIB's typical APRs now range from 8.1 per cent on loans in excess of £10,000 (€12,697).

Customers borrowing £5,000 over three years, for example, will have monthly repayments set at £157.63 (without insurance) and £169.51 (with insurance), repaying £5,675 and £6,102.90 respectively over the term of the loan.

Those choosing to borrow £5,000 over four years will have monthly repayments set at £134.04 (with insurance) per month.