Dublin’s BBS will soon be offering its customers a chance to get cash on the cheap as it launches a new service that allows customers to borrow money for €40,000.
The new service, called “BBS Loans” will be available from the end of the month and is available only to customers who have completed the first six months of their credit limit.
“We want to get customers out of debt, into the property market, and into the jobs market.
If they can get out of their debt, then we can provide them with access to more money,” said BBS chief executive Peter Fitzpatrick.
The BBS Loans service will be offered to customers with €60,000 or more in credit on their BBS.
Mr Fitzpatrick said the BBS loan was being offered to the majority of the BSA’s customers who were “entitled to the benefit of BBS loans” but that there were still a small number who could not access them due to the “dynamic nature of the business”.BBS loans are not a new phenomenon.
For example, BBS has had its own loan scheme since 2013.
“Our goal with this new offering is to help customers understand the risks of borrowing,” Mr Fitzpatrick said.
The number of BSA customers with BBS-linked credit has been on a downward trend since the banking giant was sold to State-owned Anglo Irish Bank in October.