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Bad credit loans aim to help borrowers with poor credit history and bad ratings. The money you borrow despite with such a financial profile is known as a bad credit loan.
In times gone by, it was not feasible for you to borrow money on Instant decision when your credit score was not up to the par.
You were not allowed to borrow money if your credit score was less than 881 (a good credit rating, according to Experian, the top credit reference agency).
Thanks to online lending flexibility, direct lenders now consider applications from bad credit borrowers, believing the fact that you can lose your score due to unavoidable reasons like being sick in hospital.
Not all direct lenders offer bad credit loans in Ireland, but we do. Getting your needs funded has become more comfortable with us. We assure you that you will get such loans at lower interest rates.
Note that you should not apply for poor credit loans just because they are easily available. Borrow only when you are in dire need of money.
Here are some of the circumstances when you can think of applying for such loans:
You can borrow between €1,000 and €25,000. However, note that you will have to pay off the debt in a lump sum if the range of borrowing money is between €1,000 and €1,500.
If you borrow over €1,500, you will pay in instalments. Look at the following table for more details:
|Borrowing Amount||Instalment Types|
|Between €1,501 and €2,000||Weekly|
|Between €2,001 and €2,500||Bi-weekly|
Loans for bad credit are considered expensive because of high-interest rates in Ireland. We do not know much about what other direct lenders are charging, but we can assure you that you will get loan deals more affordable and competitive from us. Here are the features we offer:
You all know the necessary steps to apply for bad credit loans. When you apply with us, we will consider your income to decide the disbursal limit.
INCOME factor plays a paramount role in case of bad credit acceptance loans. As we follow FCA guidelines, we ask all borrowers for submitting their income statement because it will help us know your current financial condition and affordability.
If we suspect that you have left very little or no money after meeting all of your monthly expenses, we will not approve your application.
However, if we find that you can afford the loan (for instance €1,200) but less than the amount you mentioned in your application (for example, €1,500), we will disburse what you can afford (€1,200).
So, remember that INCOME IS THE ESSENTIAL FACTOR TO GET THE LOAN APPROVED.
While both traditional financial institutions and direct lenders are out there, it can be confusing to decide where to get a loan in Ireland with bad credit. Below is a table that compares traditional lending with modern lending.
|Traditional Lending||Modern Lending|
|You had to wait for a couple of days to get a loan approved.||Online lending enables you to get bad credit loans with instant decision.|
|You were not allowed to borrow money in case your credit report is not stellar even in case of a financial emergency.||Direct lenders do not discriminate between good credit and bad credit borrowers.|
|Traditional lending involved processing fees.||A few direct lenders do not charge any processing fees.|
Apart from seven days extension in repayment, you can renew your loan at the same interest rate, so you can continue to keep making repayments at your comfort.
For instance, if you have borrowed €1,000 @ 4.5% for 20 days, you can renew your loan for another period of 20 days @ 4.5% provided you can prove that you missed the due date because of unavoidable circumstances, for instance, you were sick in hospital or suffering bereavement.
Several direct lenders are out there offering personal loans in Ireland for bad credit. This is why you can go to any lender to borrow money, but we believe that Current Finance Loans will be an ideal choice for you because:
Your credit score is no longer a problem with Current Finance Loans. Apply now.
We understand that financial issues keep coming like a bumpy road, and in those circumstances, you may not be able to pay instalments. This creates fear of what can be the consequences of this condition. We know that you will need us to understand your situation. Of course, the support is there to figure out the most relatable solution and get back on the track. It is essential to try to make a good payment history with us because we can give the due flexibility when you are in need.
What to do if you want to change your repayment schedule for loans in Ireland with bad credit?
Bad Credit Loans in Ireland Features
Of course, your application can be considered despite rejection in your last application because once again, we base our approval decision on the repaying capacity. Varied lenders have varied terms and conditions. You cannot qualify for funds with every lender.
No, both are different in nature and condition. The very bad credit loans are those obtained in the worst credit situation with a score of 0 to 560. A bad credit score is about 561 – 720. It means both are different conditions and with other circumstances. Many of our customers get confused between the very bad credit and bad credit loans. A comparison can help develop an understanding.
|Bad Credit Loans||Very Bad Credit Loans|
|Bad credit loans serve to the borrowers with credit score between 561-720||Very bad credit loans are designed for those with 0-560 credit score|
|These are available at a lower rate of interest for every borrower with customisation||Customisation is available even in very bad credit loans, but interest rates are higher|
|Bad credit loan applicants generally have issues of late or pending credit card payments, late or missed bill/debt payments etc.||Very bad credit loan applicants majorly have issues like CCJ, Bankruptcy, Individual Voluntary Arrangement etc.|
|You can easily get bad credit loans on instant decision in Ireland||In very bad credit loans, many finance companies do not provide instant decision facility|
We follow the fair lending rules and have the eligibility conditions accordingly. We work in accordance with the rules set by the regulatory authorities. Here are the eligibility conditions –
The above are the general terms and conditions applicable in any case of bad credit loans in Ireland. However, according to circumstances, the terms and conditions can change. For example – after the pandemic, the conditions have changed many, and many people are still not getting 100% salary. In that case, the affordability check has become more detailed.
CurrentFinanceLoans is always destined to figure out better solutions for you, and for that, we act rational as well as flexible at the same time. The rational part demands a strong repaying capacity. If that is available, you can see us watching acting plausible in every aspect. From repayment schedule to the interest rate, we are ready to adjust anywhere. This gives you the surety that you are getting the bestbad credit accepted loans in Ireland. You can find us available anytime 24x7, 365 days.
Yes, we do offer bad credit loans in the instant decision but with the criterion of presenting good income. The lender progresses with no credit check feature, which further states as leniency in work. If the borrowing amount is significant, the lender can consider giving secured funds to support the borrower in need.
Yes, there is a financial term where you can collect the bad credit loans even if you are unemployed. The lender considers giving the money based on your side income and other liable documents. The instant disbursal is provided with ease if the criterion is followed.
There are guaranteed loans for bad credit if the applicant serves the income and the repayment process as an assurance the term will be handled properly. You can also get approval by presenting guarantor, which is optional and depending on the applicant’s choice.
It depends on the situation or the amount you have quoted. The bad credit loan serves when the credit score report is not up to the mark. If the amount is big, then you can arrange collateral for approval.
The best way to get the bad credit loans in Ireland is to search for a reliable lender, fill up the application form. Based on the requirement and the quoted amount, you can collect money on bad credit score.
The lender may send you the reminder to make you aware of the missed payment. If you do not abide by the reminder from the lender’s call, then you will be getting CCJ order for the progress of the situation.
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