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What Are Some Fast Loan Options?
  • admin
  • May 9, 2023

What Are Some Fast Loan Options?

When you are caught unawares by unforeseen expenses, you need an instant injection of cash. The first thing you turn to is your savings. But if they fall short, you turn to a direct lender.

Borrowing seems to be the most convenient in this day and age. You just need to put in the application form, and then you will get money directly into your bank account. Lenders use advanced algorithms to assess your affordability quickly.

As money is loaned without further ado, these loans are called fast loans. It is an umbrella term used for all cash loans in Ireland aimed at funding emergency expenses.

What are the fast loan options?

A fast loan is a sum of money that you can get from a direct lender this instant.

“These loans are processed very quickly, so you do not have to wait longer to get approval.”

Here are the types of fast loans:

1. Bad credit loans

Bad credit loans are aimed at those borrowers whose credit score is not up to scratch. Emergencies can catch you by surprise even if your credit report is not stellar. In the event of a lack of savings, you will need an instant funding source.

A bad credit loan works like any other small cash loan. Here are the features of these loans:

  • You may need to pay back the money either in instalments or in a lump sum depending on the size of the loan or a lender’s policy.
  • Paying it off over time will improve your credit score.
  • No guarantor and collateral are required.

However, there are some bad credit loan drawbacks. You should carefully analyse the pros and cons of these loans before applying so you do not struggle with payments.

2.  Loans for unemployed

Unemployed people are not immune to unexpected expenses. You may need to borrow money to fund all emergency cushions. However, getting unemployed loans is not that easy.

You still need an income source to prove to your lender that you will pay back on time. As you do not have a full-time job, you will need to show proof of passive income.

It includes:

  • Unemployment benefits
  • Rental income
  • Interest and dividends
  • Windfall
  • Monetary benefits

Loans for the unemployed are small loans that are paid off in a lump sum on the due date. The repayment term of these loans is not more than a month.

3.  Doorstep loans

Doorstep loans are called home credit loans. Doorstep is actually a service. When a sum of money is handed to you at your doorstep, it is called a doorstep loan. This facility is available for the unemployed, the retired and the disabled.

You will have to let your lender know how much you want to borrow. The representative of the lender will schedule an appointment at your home. They will see your income documents, bank statement and evaluate if you can afford to pay back.

If they are convinced of your repaying capacity, the money will be handed over on the spot. The same representative will come to your doorstep to collect the payment. These loans are generally paid back in full. However, some lenders may allow you to make weekly instalments.

It is worth noting that doorstep loans could be a bit expensive because of the fees of handing in or collecting money in person.

4.  No credit check loans

No credit check loans are payday loans. You may want to borrow money without a hard credit check. This is generally the case with those borrowers whose credit scores are closer to the “very poor credit” category.

One more inquiry can take a heavy toll on your credit points. With no credit check loans, you do not need to have a fear of hard search footprints. Soft inquiries will be made, and they do not show up on your credit report.

Some people think that no credit check loans are an alternative to bad credit loans, but it is not so.

  • The former does not require a credit check, but the latter does.
  • You can borrow a large amount of money with bad credit loans but not payday loans.
  • The repayment length of bad credit loans may be longer but payday loans are settled within 14 days.

“However, if your credit score is bad and you need a small sum of money, you are eligible to take out a payday loan or a no credit check loan.”

5.  Quick loans

Quick loans, as the name suggests, can be approved quickly. The processing of these loans is very fast. You will get money the same day you apply for these loans. Some money lenders in Ireland offer these loans with a higher borrowing limit.

These loans are ideal for the self-employed and the full-time employee. However, unemployed people can also apply for these loans if they have a passive income source to pay back the borrowed amount.

The final word

You will certainly want to get a quick funding source during an emergency. Various types of small loans are out there that you can apply for, and each one has its own advantages and drawbacks. It is essential to assess them carefully before applying.

Take out a loan that fits your budget. Some loans are paid back in a lump sum, while others are settled in instalments. Before you take out a loan, ensure that you will not fall behind in payments.

Small emergency loans can be expensive. Falling behind payments will lead to rolling over a loan. As a result, the debt will add up. It will be even harder to keep up with payments.

You should try to borrow money from your parents or friends first. It is likely that they will give you a helping hand in your hour of need. However, do not take advantage of your relationship. You are still supposed to return their money on time. You can avoid paying interest to them.

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