Need a loan? There’s now a Permanent TSB app for that

Permanent TSB has enhanced its mobile app offering to allow customers to apply for personal loans and get approval "within minutes", as competition between banks for digital-savvy millennial clients continues to hot up.

The app will also allow customers who have been approved for loans through its branches, by phone or online, to draw down their funds instantly, it said.

"Whether they're on a train or bus, out and about or at home, our app allows them to borrow up to €25,000 any time, day or night," said Marcus Brady, PTSB's head of consumer finance. "The app is a fast and easy way to get a loan for a new car, a dream holiday or to pay college bills."

PTSB's chief executive Jeremy Masding told reporters last week, as the bank unveiled interim earnings, that he plans to increase spending on the bank's IT infrastructure in the coming years.

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He also said that the bank’s board will have a decision to make on what to do with “excess capital” following the reduction of its non-performing loans to more normal European levels over the medium term. Options include allocating more money towards IT, and returning to dividend payments, which have been on hold since the onset of the financial crisis.