We have all been here once in a lifetime. Situations like pending payments, CCJs, missed payments, and defaults affect one's loan approval chances. You must have felt hard to miss out on cash when you need it the most. That's why loans for bad credit are offered, which individuals with past credit mistakes may qualify for.
Lenders assess every application on individual terms, not just credit scores. We will introduce you to a wide pool of loan providers. Besides, we will help you prepare the loan application to make approval more likely.
- Where can I get a loan with bad credit in Ireland?
Contact us at Easycompareloan for suggesting the best bad credit loan quotes from different lenders. We may help if you eagerly want cash without fear of rejection. We prioritise comfort and the individual's ease. You remain worry-free about defaulting as you share the flexibility to connect and discuss the solution.
You can rely on us for affordable rates, flexible terms, and credit-friendly assistance. With us, you get the complete freedom to meet your needs and repay comfortably without fearing default. Whether you want to build a credit score from scratch or meet your needs, we help you.
A bad credit loan is a financial arrangement for individuals with credit issues. Aspects like incomplete electoral roll information, credit card default, and no credit history/score define it. Individuals with poor credit usually score below 550, and 300-560 is the lowest score limit. Such issues affect the credit score and prevent one from qualifying for loans and credit cards.
It is easier to qualify for loans with bad credit than traditional ones. It is < href="https://www.easycompareloan.ie/unsecured-loans.php">an unsecured loan with high interest rates due to no collateral requirement. However, one may get affordable interest rates with a decent income, stable finances, and timely payments.
Who may get a bad credit loan?
Any individual with a basic ability to repay the dues timely may qualify. In fact, anyone with a part-time but fixed income is also eligible. Here is who these loans are the most suitable for:
Can I enhance my credit score with bad credit loans?
A bad credit loan proves powerful related to credit score improvement. You can relegate the negative remarks like missed payments or loan defaults to mere mentions. Your regular payments on the loan nullify the impact and help you get your credit score better. Additionally, it helps you get better at budgeting. It automatically reduces unnecessary expenses. This improves your credit utilisation rate and your credit score.
While seeking loans in Ireland for bad credit, choose an amount that meets your needs without affecting the budget and that you can repay on time. The borrowing range might vary from lender to lender.
| Amount | €500-€10000 |
|---|---|
| Loan term | 12-60 months |
Life is unexpected, and cash needs may arise at times. It could be paying the bills at the last moment, purchasing a tool, or paying home and other living expenses. If you lack financial flexibility, get loans for bad credit with instant approval from us.
We help you analyse the best amount you need for the specific purpose. It eliminates the chances of seeking a higher loan amount and paying more. Here are other purposes for which you can get poor credit loans:
1) Farm shed refurbishment
If the weather damages your farm’s roof and you cannot wait until the next surplus, the loans may help. Identify the condition of the shed and determine the savings. Accordingly, check the amount you need. You can use it to:
2) Unexpected cash needs
Unplanned needs affect the finances the most. Things like sudden short-circuits, grocery bills, electricity payments, last day, etc., hamper the peace. Don't worry, just check and get loans with bad credit scores online.
We understand that you need cash quickly. Therefore, you don't need to undergo a lengthy application procedure. Instead, you get the cash the same day by filing a 5-minute form with multiple lenders through us. It adds convenience when you need money the most.
3) Meet the new baby’s hygienic needs
Congratulations on having a new member in your family. However, happiness soon worries when an urgent cash need hits the door. Do you need money to ensure the best baby care? We prioritise sensitive moments over profits. Hence, without worries, you may get a loan for a bad credit history after comparing offers with us. You may use it for:
4) Consolidating multiple debts
When you seek a poor credit loan with us, we ask for a valid purpose. It helps us know how we are helping you. Next, you get a basic quote with the approximate amount you may get from our network of lenders. You can reject or proceed with the application. After consenting to it, we help you choose the debts to consolidate.
All of this is according to your current needs, goals, and existing debt. Later, you can check the payment difference and save money on pending payments. You must repay the dues on time to benefit from this.
Generally, a bad credit loan is cheaper than a credit card. This is because a loan for a low credit score comes with flexibility and comparatively affordable interest rates. Flexible solutions mean you can repay the dues according to your comfort.
For example, you can reschedule if your current circumstances don't align with the agreement. Credit cards lack this flexibility, as you cannot pay them later. Otherwise, you may get penalties, making you pay even more.
Here are the reasons why a poor credit loan is better than getting credit cards for bad credit scores:
High APR rates
The Annual Percentage Rate is generally higher on credit cards (22%) than on bad credit loans (19%). It is a revolving facility where you must pay the dues by a decided end date. Your credit score, income, and finances decide the rate you get.
A loan for a bad credit score is cheaper on the APR front. Moreover, regular bill payments, updated credit reports, and improved income ease your APR. You can fetch an affordable one rather than a credit card.
High cost of missed payments
Missing a credit card payment damages your credit score drastically. This is due to the high APR and the potential fees credit card companies charge. Here, you accrue a late fee on the interest and the APR. Therefore, it is costlier than a bad credit loan.
Even if you miss the repayment here, you don't pay over €10 per missed fee. This is because you can select a lender as per your need and financial capacity. It optimises the interest and saves you from high penalties.
No cap on the amount of usage
Credit cards have limits on how an individual can use them. However, it does not restrict or help one ensure responsible usage. You can use credit cards for big purchases like furniture. However, no cap on it can hurt the credit score and utilisation rate. For example-
You have a credit limit of €35000, and you decide to buy a sofa for €32000. It consumes your credit limit, and you cannot spend beyond €3000 later. It may affect your urgent bills and purchases.
However, if we believe that you cannot qualify for an amount beyond €30000, we can help you to get an offer for bad credit finance for only that much. It safeguards financial stability and credit score and grants flexibility to meet other expenses.
Most individuals with very bad credit scores seek “guaranteed loan approval.” However, one must be conscious while searching for it. No responsible Irish loan company provides instant approval without basic affordability checks. Instead, we give you a platform to search for legit loans for bad credit only if you can afford the amount without hampering your budget. Here are other ways to get loans with immediate approval :
Provide accurate information
While seeking personal loans for a bad credit history, re-check the information you provide. Check the name, Email, contact number, amount requirement, and purpose. Ensure that it meets the original identity and other documents. Also, check whether the documents align with the details on the electoral register. Else, you may not qualify.
Apply for a valid purpose
Identify whether the application includes the reason you want to borrow money. If not, you can mention one. You may get bad credit personal loans for almost any legal purpose. It means “the purposes termed as non-threatening to individuals or property.” You can contact us with any smallest possible need, like repairing the bike's part or fixing decorations for your son's birthday party.
Keep the frequency of payday loans low
Payday loans are a costly form of credit that affects the credit score. Too many payday debts reveal uncertainty on the payment part. Therefore, avoid seeking payday loans before applying for low-credit loans. Instead of an instalment payment, you pay a lump sum. Instead, check loans for poor credit with monthly payments like quick loans to meet your needs. It is a cheaper and less risky way to finance your needs.
Stay away from loan sharks while seeking loans
Loan sharks are moneylenders who charge unbelievably high interest rates on loans. They do not prioritise customers' comfort and affordability. Instead, provide instant loan approval without basic credit checks. It puts the customer's finances at risk. Non-repayment could lead to constant threats from the company. Hence, stay away by checking your identity. Instead, contact legitimate loan companies that answer your queries without hesitation. These provide customer-optimised services instead of solely concentrating on profits.
Bad credit history is a common phenomenon. It must not stop you from hitting your life goals. We would love to be a part of your journey. Count on us for flexible, affordable, and personalised bad credit loan deals.
You are free to accept the quote or not. We grant you full control from application to loan payment management. However, we are open to helping if you get stuck. Contact us for any monetary requirements and find the best ways to get a loan with bad credit!