Getting loans in Ireland is convenient now due to online private lenders that give you access to loans. You can borrow money through customised loan offers with instant approval decisions and timely fund disbursal.
From car purchase to home renovation, debt consolidation or any other need, plenty of loans are available. Also, credit-friendly lending policies make borrowing even more predictable and smoother.
Mycreditbucks, a private lender, offers short- and medium-term loans as per your creditworthiness. Approval decision remains unaffected by credit score and employment status. As long as you can prove the ability to repay a loan, getting approved for your application is not difficult.
A loan is an amount borrowed by a fund seeker from a lender at an interest rate. This amount is paid back by the borrower in instalments over a set period. Flexible repayments allow you to make repayments weekly, fortnightly or monthly as per the creditworthiness and lending policies.
The rate of interest can be fixed or variable. With a fixed rate, the repayment amount remains the same, while in the case of a variable rate, the repayments can keep changing in size.
A loan can be used for many purposes. Imagine any reason, and you will find a loan product providing you with funds to fulfil that need.
The loans in Ireland can be attained through a simple and speedy online procedure. An approved amount is transferred to your bank account by a lender. You now repay it over a decided term in customised and affordable instalments. Eligibility and affordability for a loan are decided as per your credit score, income, employment stability, and authentic identity and address details.
A straightforward application process is the simplest and fastest way to borrow funds, all due to speedy private lending policies.
The loan cost determines through several factors. Learn it through an example.
| Factors affecting cost | Example of cost calculation |
|---|---|
| Loan amount | Loan amount - €5,000 |
| Repayment term | Tenure - 3 years |
| Rate of interest (APR) | APR of 8% |
| Charges and fees (if applicable) |
Monthly instalment - €157 Total repayment - €5,652 |
Loans are primarily categorised into two types: secured and unsecured loans. A comparison below will clarify the difference.
| Secured loans | Unsecured loans |
|---|---|
| These are long-term loans to avail a big amount against collateral. Due to being secured against an asset, the interest rates are low. | Funds are available without any collateral. Hence, the loan amount fulfils a short to mid-term requirement at a higher interest rate. |
| Example – Mortgage, Car finance, Machine loans. | Example – Personal loans, bad credit loans, student loans, quick loans etc. |
| Lower interest rate than unsecured ones due to pledging an asset. | Higher interest rate than secured loans. |
| Bigger loan amount for a long-term purpose due to being secured. | Smaller loan amount for a short to mid-term purpose due to no collateral. |
A variety of loans are available. Some are for specific purposes, while some can be used for any financial need. The options below give you the choice of the loan type that suits you the best.
The loans are especially for people with a poor credit score. Considering the high-risk profile due to bad credit, the interest rates are high, and the term too can't be too long. But approval is possible as per your credit purchase power.
These allow you to borrow funds and use them for one or multiple personal financial needs. For a medical need or a wedding gift purchase, use funds for anything. Similarly, no constraint on borrowers, as you can use them as student loans as well as retirement loans.
The quick financing option provides funds in a few hours and an approval decision in a few minutes. For last-minute emergencies, you can easily depend on this type.
Digitally excluded fund seekers or those who are not tech savvy may need a more personalised lending service. Hence, doorstep funding is there to bring cash to the home. However, the rates are higher than standard online loans.
These are purpose-specific loans for home renovation, upgradation and improvement. But you may need to present a plan to the lender describing how you are planning to use the funds.
Consolidating debts using just one loan is easier. Avoid the burden of multiple debts like credit cards, personal loans, small loans, etc., by merging them into one consolidation loan.
You can borrow funds despite having no job using any other income sources, such as unemployment benefits, freelance income, etc. Prove repayment ability and get funds on customised rates.
The loans to buy a new or used car using funds are available at a lower cost, but require a deposit. The vehicle itself acts as a security measure. The bigger the deposit, the lower the interest rate.
These are financing options for eco-friendly projects, such as home upgradation to install solar panels. Government initiatives also back up such loans.
Let your face shine with festive lights and not get dull with mounting expenses. Christmas loans on budgetary deals provide you with mental peace during festive preparations, offering instant funds.
Not every financial need demands a big amount. Some need a small or tiny amount, but you need it urgently. Hence, the small loans are on our list as one of the most sought-after options.
Why worry about hard credit checks and search footprints on your credit report? Get a loan quote without a credit search and know how much you can qualify for.
Yes, you can qualify for a loan despite a poor credit rating. However, this comes with several constraints, such as a higher interest rate and a limited loan amount. But before you apply for any financial aid, follow the tips below.
You can get a loan on varied platforms, including private lenders, banks and credit unions. But if you need speedy funds, private online lending is considered a dependable option, considering a fast, paperless, and obligation-free process.
| Feature | Private loans | Bank Loans | Credit Unions |
|---|---|---|---|
| Approval speed | Fast (in hours) | Slow (days-weeks) | Moderate (hours to a few days) |
| Eligibility | Flexible, credit-friendly | Strict, need a good credit score | Moderate, need to be a member |
| Documentation | Minimal/paperless | Extensive | Moderate |
| Interest rates | Lower rate | Low to high | Moderate |
| Loan amount | Small to medium | Small to large | Small to medium |
| Overall cost | Lowest | Low to moderate | Moderate |
| Best for | Urgent needs | Larger needs | Urgent to planned needs |
Mycreditbucks is a rational yet affordable online private lender that offers loans for all needs. For all types of short to medium-term needs, you can depend on our loan products. Transparent loan procedures make it easier for you to borrow for planned and unplanned expenses. With no constraint of credit score or employment status, apply and avail funds as per your repayment ability. If you need funds now, apply now.
APR is the total cost of a loan that includes the interest rate and fees. It is mentioned in percentage, and it is helpful in comparing available loan offers by varied lenders.
Repayment term is the total duration in which you have to pay off the borrowed money completely. This term spans from a few months to even years, as per the loan type and the borrower's repayment ability.
A fixed-rate loan is one in which the interest rate remains fixed and the instalments too. But variable rates keep changing as per market conditions, affecting the instalment amount.
A direct lender is a loan provider company that offers funds directly to loan applicants without including brokers or intermediaries. The management, processing and approval of applications is handled entirely in-house.
The easiest loans are personal loans in the short-term category and secured loans in the long-term category. The first one can be used for any purpose without the need for collateral. The second one includes collateral but makes approval easier with a lower rate of interest.
A credit record is the history of your credit behaviour, such as loan and their repayments. It shows timely, delayed or skipped payments and also the credit checks done by the lenders.
Loans usually take 1 to 24 hours to disburse, depending on the loan type. Example - if you apply for a quick loan, it will take an hour or a few hours. If it is a personal loan, car loan, home improvement loan, or any other type of loan, a maximum of 24 hours is required.
Considering all the loan types, you can borrow a minimum of €1000 to €50,000. However, the most crucial factor is your affordability. The stronger your repayment ability, the bigger the loan amount, and vice versa.
