Yes, you can get a quick loan in Ireland with a poor credit rating. This is the most straightforward answer. But this simple answer comes with a long list of details to help you understand how to get a loan quickly.
Applicants with less-than-perfect credit scores are high risk for lenders. Hence, you need to know the complete process and some tips on how to get an instant cash loan in 1 hour in Ireland with bad credit.
Here is a guide explaining all the necessary aspects to help you borrow funds hassle-free.
What is a quick loan?
Quick loan is basically a loose term used for any kind of loan available with instant approval and speedy fund disbursement. Any personal or short-term loan that offers you instant funds without any obligation requirement, like a guarantor or collateral, is a quick loan.
For speedy lending, lenders depend on credit checks and financial indicators that explain creditworthiness. However, getting a quick loan with bad credit comes with its own consequences. In that case, you need to follow certain ways to apply safely and get approval.
Quick benefits of bad credit quick loans are –
- Fast approval and disbursement for financial emergencies
- No paperwork, 100% digitized application process.
- Credit-friendly deals for fair and bad credit borrowers.
- Transparent terms and conditions.
- No obligatory demand for guarantor or collateral.
- Short-term commitment with affordable repayments.
- Help build or rebuild a credit score
- Online access 24x7
How does bad credit affect avail funds?
A bad credit situation affects your approval chances in many ways. A poor credit score denotes a weaker repayment ability due to multiple reasons that cause a low credit rating. These are – missed payments, bankruptcy, defaults, or recent judgments.
However, that does not mean you cannot get a loan. You will get a higher APR, a shorter tenure, and a limited loan amount. Also, usually banks and credit unions do not follow credit-friendly lending practices. Hence, you have the option to reach out to specialized online lenders providing bad credit loans.
Loan options when you have a bad credit score
Don’t lose hope, as there are options to borrow money with the following loan options. You can choose any one of these as per your creditworthiness.
Specialist online lenders: These are the direct lenders with specialized loan products specifically for people with bad credit. Gobigbucks is an online private lender offering quick loans with instant decision as per your credit purchasing power.
Guarantor loans: If you think your repayment ability is weak, consider including a guarantor. Anyone from your friends and family can be your guarantor, but they should have a good credit score and a regular income.
Credit union loans: If you are a member of a credit union and have saved money with it in the past, you can borrow funds. However, these unions may still not be flexible for poor credit applicants.
Things to avoid while getting loans with bad credit
Applying for a loan with a poor credit rating demands attention to several precautions. With a high-risk profile, you may get trapped in the wrong deal. Hence, follow the precautions below.
Upfront processing fee: Never pay an upfront fee. Lenders should first release the funds.
Short repayment traps: A very short tenure will give you very high rates. This can put you in a debt trap. Never agree to such loan offers.
Unclear total cost: Unclear APR, default charges, and fees will always leave a fix. Hence, clarify the cost part in advance.
How to improve approval chances for bad credit loans?
Some easy ways are available to improve your chances of approval. Here are some expert tips for that.
Check your credit report: If there is any error in your credit report, that will further degrade your credit score. Hence, check your report and get errors rectified. Also, ensure it is updated with the latest information.
Gather income proof: Your income stability is the strongest factor for loan approval. Gather the last six months ' income proof, and the lender will approve your funds as per your repayment ability.
Employment stability is vital: Stay in the same job, and employment stability matters. If you are self-employed, make sure you have more than one project. The last six months of employment records matter.
Reduce existing debts: Try to pay off some small debts before applying for a quick loan. This will spare your income to pay a bigger instalment for a new loan. Hence, you can get approved, and that too for a bigger amount and at a lower rate.
Compare lenders: Never rush for the first deal you get. Compare loan providers as per APR, repayment ability, fees, and repayment charges. Use all factors to get a clearer picture of the best deal.
Avoid multiple applications: Applying to multiple lenders will cause many search footprints of hard searches done by varied lenders. Hence, compare, shortlist, choose, and apply to only one lender at a time.
Get financial advice: In case you are not clear about how to handle your situation and get a loan, hire a financial advisor. This will help you know the right approach and avoid mistakes.
Alternatives to quick loans
You can also think of some alternative ways of getting quick loans before applying to a lender. Financial decisions should be rational after considering all available options.
Debt consolidation: Why even apply for a loan? Consolidate your debts through a debt consolidation loan and pay one instalment in place of multiple repayments. Use the saved money for your needs.
Family or friends: This is another safe choice to borrow with the least or no added cost of interest. But make sure you repay them, as financial complications are among the major reasons for spoiling relationships.
Sell out your stuff: Take a look at the less-used or unused stuff that is still functional. But try to work on instant selling platforms, like selling things in your community. It helps to get funds faster as financial emergencies can’t wait.
Checklist before you sign a quick loan agreement
Once you get approved, don’t get careless. Before signing the agreement, follow the suggestions below to borrow safely.
- Be clear about APR, default charges, early repayment charges, etc.
- Consider all alternatives to loans before applying for them.
- Check your repayment ability to ensure that you can repay on time.
- Consider taking free advice in place of borrowing funds.
- Ask about hidden fees, and can even take a written confirmation
- Do not borrow for discretionary expenses.
- Consult with a friend or family member who took a quick loan.
Conclusion
Quick loans are attainable despite a bad credit score if you know the right approach. Your creditworthiness is the strongest factor when you have to work to get bad credit loans with guaranteed approval. Embrace financial self-discipline, pay bills on time, don’t take a new loan, and earn regularly. With these simple but effective ways, you can get approval with less or no hassle.
