Ireland Loans

Loans have made our reach easier to things we want in life.

But the finance world is not as simple as we think. Your eligibility for the loan depends on your credit score. If having good credits then the high probability of your loan approval, however, a lower score mostly disappoints you, suggests a loan rejection.

What is a credit score?

A credit score is a number that summaries your financial history of payments towards your bills and EMIs. The creditors check your credit score and repayment capabilities before disbursing the loan to you. It helps in the faster processing of loan applications.

The Irish Credit Bureau (ICB) gives individuals the right to inspect their own personal ICB reports. The bureau acts as a database that contains information on the performance of credit agreements between financial institutions and borrowers. It accelerates the decision of loan approval, lowers the interest rates and prevents fraud. Generally, the citizen's payment profile history is reported over a twenty-month repayment period. Information is held for five years after a credit agreement is finished.

On your consent, a lender may request a copy of your credit report and credit score from ICB. The credit score is one of the important elements of information used by lenders to make a loan decision. The lower your score, the higher your credit risk - and the less likely you are to get a loan. The higher credit score, the lower your credit risk - and the better your chances of getting a loan. There are various causes of a bad credit, such as not repaying other credits or court judgments. This can make it harder to apply for traditional loans.

Bad credit loans

If you have a "bad credit" score and in need of an instant decision for an urgent loan, then come out from the state of dismay, as you have bad credit loans in Ireland. There are bad credit loans in Ireland, which facilitate you to take instant decision to fill the monetary gap, available on acceptable interest rates. These are mostly short term loans to meet your financial crisis with quick cash follow. Such loans come up with below features:

• Lender doesn't check the credit score of borrower
• Quick loan approval, a fast disbursal
• Flexible loan tenure, but short in nature and unsecured
• High rate of Interest
• Higher loan amounts
• No need for collateral
• Easy to apply, available online
• Offers flexible lending packages

On the other hand, such loans must be avoided as they come with unexpectedly high annual percentage rate and can drag you in bad situation. It’s always advisable to go with secured loans and improve your credit score to combat financial emergency. However, if capable enough to repay the unsecured bad credit loan installments, on time, then such loans can turn out to be a great relieve in the time of financial struggle. Plus, it lends a hand to improve the credit score.