Almost 50,000 personal loans have been taken out in the first three months of the year.
Latest figures from the Banking and Payments Federation Ireland show personal loans were up by 28 per cent to 49,236.
The report indicates the increase in borrowing has been by 27. 8 per cent since the same period last year.
The value of personal loans taken out increased by 25 per cent to €481-million.
Brian Hayes, Chief Executive of BPFI, says the report also highlights a surge in green loans.
"We've seen a doubling in terms of green loans. I think a lot of that is in terms of retro-fitting, the area of electric hybrid cars.
"Typically, a green loan is double what it would be for a normal personal loan. A green loan averages at about €22,000 across the sector, where other categories it's about €10,000.
