Ryanair to offer personal loans

Ryanair is to start offering personal loans with GE Capital Woodchester, the company announced today.

The loans are being marketed with an APR of 7.9 per cent. Customers with a good credit rating and a minimum salary of €16,500 will be entitled to apply for loans of between €2,000 to €20,000.

Ryanair is offering offering free travel insurance for a year to the first 500 customers to take out a Ryanair loan.

"Financial services have proved to be very successful for us, with the Ryanair credit card surpassing all expectations," said Ryanair chief executive, Mr Michael O'Leary.

Last February Ryanair launched a credit card in Ireland and the UK in partnership with MBNA Europe and 123.ie, Ryanair's online financial services partner.