What Are Online Unsecured Loans In Ireland? Explain It

What Are Online Unsecured Loans In Ireland? Explain It

Online unsecured loans in Ireland have become a dependable source of obtaining additional funds at the time of need. You can obtain them for short-term, mid-term, and even long-term financial purposes without providing collateral.

With the advent of direct lenders, it is now possible to get online loans in Ireland through a fast application procedure. But there is a lot more to know about this loan product.

Let us delve into the informative guide below that reveals the necessary factors about unsecured loans online. You make rational decisions when you get all the information about a financial product.

1. What are online unsecured loans?

The loans that are available through the internet without needing pledging of assets like cars or houses are called unsecured loans.

As only new-aged online lending companies offer these loans through a 100% digitised process, these are called online private loans in Ireland. It comes with specific features. 

How do unsecured loans in Ireland work?

The loans work through a simple yet decided online process. The following steps are included to get the funds.

• Apply online for a desired amount – You need to apply for an amount that you can afford to repay. For that, use our repayment or loan calculator. Applying for an amount higher than your repayment capacity can cause rejection.
• A few minutes for online verification of your details – All genuine and honest private money lenders in Ireland follow ethical lending procedures. This is why your financial and personal details are verified online through hard credit check. But this takes a few minutes.
• Receive approval decision with loan offer – Right after the verification, you receive an approval decision on your mobile or computer screen. Here, you should know that most of the direct lenders have a high approval rate. You receive a loan offer with the lender’s loan agreement, too.
• Accept the agreement (if you want) – If you are satisfied with the approved loan amount and terms and conditions, give acceptance. It is the most important step to finally borrow money.
• Get money in your account – After your acceptance is sent to the lender, you receive the funds in your bank account. This, too, happens immediately.

The process mentioned above is the same wherever you apply to the private money lenders in Ireland. In a way, it is a good thing that you need not understand the loan process every time you choose a lender.

1.  Features of online unsecured loans

Knowing the features helps you take informed borrowing decision. These features are more or less same in all online loan companies in Ireland.

2.  No collateral required

The funds you apply for are not secured against any asset of yours. It means there is no risk of losing your asset in case of default. Despite the absence of collateral, you can borrow a big amount as per your repayment capacity.

3.  Fully digitised process 

After the advent of Fintech solutions, online loan agencies in Ireland have become a preference for majority of fund seekers. Apply online, get approval decision instantly and receive funds in your bank account.

There is no paper documentation and no physical verification; everything happens online. This takes only a few minutes. The application process is designed to facilitate speedy funding.

4.  Types of unsecured loans

All loan types offered by online money lenders in Dublin, Cork, or anywhere in Ireland without collateral demand can be counted here. These are -

• Personal loans
• Bad credit loans
• Quick loans
• Home improvement loans
• No guarantor loans

5.  Reasons for rejection of unsecured loans in Ireland

You should always know about the pitfalls while applying for an unsecured loan for any purpose. If you want to get a loan in Ireland with an instant approval decision, avoid the following causes.

Tips to borrow from genuine and honest private money lenders in Ireland

Now when you are aware of the reasons for the rejection of money loans in Ireland. It is also vital to know what to do if you want to borrow hassle-free.

Prepare for the application

This is the first and the most important aspect. Before applying to a lender, you need to work on several factors. Most important is your personal finances. The tips below apply the same whether you apply for loans in Dublin, Limerick, Lisburn or anywhere in Ireland.

• Check your credit report – Your credit report may have some mistakes. Check it and get the errors rectified. Else, it can degrade your credit score. Also, it causes rejection.
• Have a clear payback plan – You need to have a plan to repay funds. Lenders always want to know how you intend to pay back the borrowed money. This invites immediate approval of your application.
• Don’t apply during a job switch – Stability is a decisive factor for every loan company in Ireland. Job switch tells, there can be financial stability issues, which causes insecurity to the lenders.
• Avoid recent defaults or missed payments – Unsecured loans are short-term funding options. Therefore, the recent payment history of 6 months to one year is the most important. Do not skip bills during this time.

Select the right lender

Due to multiple money lenders in Ireland, you may get confused about the right one. However, one thing is clear. If you want funds faster, cheaper and with transparency, direct lenders are advisable. Besides, to choose the appropriate lender and loan deal, follow the following tips.

• Compare lenders based on loan offers – No financial decision can be considered correct without comparison. Compare varied lenders and their loan offers. Choose the one with affordable terms.
• Check for processing or origination fee – Usually lenders providing legit loans in Ireland charge no or only nominal processing or origination fee. Find such a lender and reduce total loan cost considerably.
• Choose the one offering plausible repayment plans – Easy repayments let you plan your budget easily. Always pay attention to this aspect while exploring the loan market.
• Take a loan quote through a soft check - Don’t get a search footprint through a hard credit check to know whether you will get the loan or not. Hence, take loan quotes from your shortlisted lenders through a soft check.

Precaution during application

Many applicants face rejection, as they make small but serious mistakes during the application procedure. Following are those mistakes that you should read to avoid.

• Fill the application completely and accurately - Every information you provide in the application form should be correct. Check the form again once you have filled it out completely.
• Avoid multiple applications to multiple lenders - Multiple lenders performing hard credit checks on your credit report will leave a search footprint. Apply to only one lender at a time.
• Ask questions if something is unclear - Never hesitate to ask questions about any loan condition. Make a list of money lenders in Ireland that you find suitable. While taking a loan quote, ask anything you need to know.
• Don’t share passwords or OTPs with anyone else - Once you start processing the application with a lender, do not forward your password to anyone other than the lender.

Conclusion 

The significance of unsecured personal loans in Ireland is timeless. From medical needs to arranging deposits for a car purchase, these are loans for all needs.

Every year, millions of Irish people depend on unsecured funding for a stable and better financial life. This makes it necessary to attain all the knowledge that is required to know more about this loan product.

If you, too, are in need of extra funds, don’t forget to make a rational decision. Not to mention, only informed decisions are the wise ones. Hence, work on your repayment capacity and apply to the one with affordable deals.

Mycreditbucks, a direct lender, is committed to offering funds through personalised loan offers as per the Applicant’s repayment capacity.