Many loan options have become prevalent nowadays, with confidence but confusion too. With the growing sphere of online lending in Ireland, the debate has become stronger on whether to trust a loan product or not.
Here, we are not going to talk about any other loan. Our primary focus is on loans in Ireland with no credit checks. These products are always under scrutiny but they have certain advantages too.
With this blog, we have set an aim to clear all your doubts about these loans so that you can make a clear-cut decision. You can go through each and every point and then start applying.
Two conceptions revolve around no credit check loans. Before going on to them, let us first clarify that these are not particular loan products. Instead, whatever loans come with no credit perusal fall into this category.
Now, we will throw light on those two different aspects of loans without a credit check.
First Conception: Some financial experts believe these loans are only an advertising gimmick of the lenders. No lender can assign a loan without examining the borrowers’ credit histories.
Second Conception: Another section is in the view that these loans are possible because sometimes it becomes not necessary to check the financial record of the borrower. However, it largely applies to small loans.
In reality, both the concepts are correct and have significance in their own places.
The possibility of no credit check loans is quite high these days. One thing is for sure these sorts of loans are merely possible from mainstream lenders. You can find different options on them from the direct lenders or the online lending institutions.
These loan providers primarily offer short-term loans and feel less risk in granting small amounts without going through the borrowers’ credit histories. However, they do check if someone applies for long-term loans.
The approval comes on this basis wherever there are income-based loans. In this, the lender prefers current financial commitments and the capacity of monthly earnings of the applicants. If they are good in both these parts, loans with no credit check are well a possibility.
If such small loans are not marketing gimmicks and the lenders are providing them, then you must be curious to know what sorts of loans belong to this category. Well, we have summarised below some examples of them after analysing private lenders in Ireland.
These are most applied loans, which come with no credit check facility. These are salary day loans, and thus lender does not feel it necessary to go through the credit background of the applicant.
If they can make repayment on their next payday, lenders have enough to grant them instant approval.
It is another popular small loan category where the borrower gets the comfort of having desired funds at their home. These are also known as cash loans in Ireland. Lenders’ representatives visit their doorstep and perform the loan process.
They usually analyse their income capacity and do not show interest in checking their past credit commitments.
This is perhaps the most important category for those with lower credit scores. You may get confused that these loans are for such people, so the lender has to check their credit histories.
Lenders may not do this because the borrowers have already marked their applications with bad credit. Therefore, there is no need to open their credit file again as it may put a bad impression on their financial record.
We have been saying that these loans are mostly smaller, so you can find a deal on quick loans with no credit check. Yes, many online lenders in Ireland offer a product called quick loan.
These are also short-term loans and match the urgent requirements of the loan aspirants.
If loan providers offer loans without a credit check, such financial products must have advantages. A few of them are being mentioned here:-
Besides those advantages mentioned above, there are some lower points too of such loans. You cannot neglect them before finding any deal or starting applying.
Here are some of the possible cons of no credit check loans in Ireland:-
No credit check loans are always in a dilemma due to the restrictions from the financial authority in Ireland. Lenders want to offer them, but restrictions are there. Borrowers also want these loans but must follow the conditions attached.
The best way to win a deal on these loans is to look for an affordable deal only. Lenders should analyse the borrowers’ income capacity and allow funds accordingly.
On the other hand, the loan applicants have to decide an amount that is manageable from their monthly earnings. In this way, these loans are ideal for both parties.