Do you lack enough savings but need to buy a car? An Instalment loan may help you. It is a financial facility that allows one to spread the cost of a purchase into affordable and equal monthly repayments. You can achieve any small, medium, or long-term goal with instalment loans. It could be secured or unsecured, depending on your financial situation and the amount you need. Precisely, it is an ideal payment structure for individuals receiving a fixed amount, part-time earners, and business owners.

What is an Instalment loan?

Instalment loans are a type of loan that is repaid over a longer time period in instalments. It could be a long-term or short-term loan with 12 months of fixed repayments. One can repay the dues in weekly, monthly, and fortnightly payments according to comfort. The repayment amount stays the same every month. It means one can budget for the same easily. It could be an interesting option for borrowers seeking clarity on loan terms. It helps them know the exact amount to budget for. Repaying the dues over a long period means paying more interest. Thus, decide the correct repayment period according to your income, monthly bills, and comfort.

How do instalment loans differ from other loans?

Instalment loans can be secured and unsecured in nature, depending on the person’s requirement. However, loans like payday do not require an asset to qualify. Instead, individuals with consistent income may get instant approval. Hence, it is a highly unsecured loan. Here is how an instalment loan differs from popular loans in Ireland:

Loan type	Repayment structure	Loan amount	Interest rates	Benefits	Possible risks
Instalment loans	It is repaid in fixed monthly payments over a set term for secured and unsecured loans	You may get €1000-€50000, depending on the loan provider and needs	6%-19% APR	Predictable payments Helps improve credit score in the long term Bad credit histories may qualify	Long-term commitment to consistent payments. Commitment to lengthy payments for a long time. One may slip into a debt trap if not managed properly.
Personal loans	It is an unsecured loan with fixed and flexible payment terms	You may get €1000-€50000, depending on the loan provider and your needs	6.5-19.9% APR	No need to pledge costly assets A quick and flexible way to get money It is suitable for persons with any income and personal needs Lower interest rates than credit cards	A low credit score may lead to competitive interest rates Missing or defaulting on loan payments may affect your credit score Taking on a new debt may affect finances
Payday loans	A payday loan is repaid in a fixed lump sum on every salary day	You may get up to €1500 for your needs	1000% APR	Best way to deal with small emergencies No requirement for a guarantor or collateral Can be repaid in 12-month instalments Anyone with a basic income may qualify	High interest rates and APR increase the total loan costs Shorter-repayment terms Risk of debt cycle
Bad credit loans	It is especially for individuals with CCJ, missed payments, and loan defaults	You may get up to €10000, depending on your needs and affordability	8-12%	Helps one get instant approval if they fail to qualify elsewhere Meet requirements without depending on credit scores An opportunity to improve the credit score	High interest rates One pays more overall compared to fair credit scores. Struggle to get a loan easily

Who can offer Instalment Loans in Ireland?

Direct lenders, brokers, credit unions, and banks may offer instalment loans in Ireland. However, the most popular way to get a loan easily and quickly is through a direct lender. It is due to the secrecy of the financial information, encrypted interaction, personalised deals, and flexibility. You can exercise one by rescheduling the payments according to your current finances. Moreover, you can know the approximate costs of direct lender-based instalment loans before proceeding with the final agreement. Thus, if you seek the best affordable deals personalised to your finances, contact a direct lender like CompareMyLoan.

What are the eligibility criteria for instalment loans?

Getting an instalment loan gets easy when you know the eligibility criteria. Here is who may get the loan on the platform:

• You need to be a valid Irish citizen
• Should have a fixed and authentic income
• Must hold a valid bank account with direct debit
• Must have a debit card

Most loan providers analyse the credibility of a borrower by checking the payment history, recent debts or monthly payments, and income. Individuals with well-maintained payments and good income get instant loan approval. Thus, apart from meeting the instalment loan eligibility criteria in Ireland, you must crack the affordability.

How do I get an Instalment loan in Ireland?

Getting an instalment loan is easy if you have the required documents and meet the eligibility criteria. Always borrow an amount that you can repay comfortably in instalments. Here is the loan process that you must go through to get one:

Steps – here is how to get an instalment loan

1. Apply by providing basic details
2. Undergo credit checks, which may affect your credit score temporarily
3. Provide the required documents, guarantor, or asset (if asked) to get instant approval
4. Get the loan agreement and provide your consent by signing it
5. Get the funds the same day and repay the dues in instalments

Documents required to get an instalment loan

• Basic details (name, email, D.O.B, contact number, purpose)
• Passport, driving license, proof of address (utility bill), bank statements, income proof, and bank account details
• Have a bank account with a direct debit facility

After meeting the loan requirements, you may get the loan the same day or within 24 business hours.

What are the repayment terms on instalment loans?

Generally, you can borrow a lump sum and repay it in equal instalments throughout the term. You can choose between monthly, weekly, and fortnightly instalments according to convenience. However, choosing a longer-term means paying more interest. Each payment consists of the principal amount, interest, and overall loan costs that you pay in instalments. It means that the total repayment will be higher than the amount borrowed. You just need to repay the dues according to the loan agreement to avoid extra costs and penalties. Check for early repayment charges (if any) on the loan. You may not find one on this platform. We offer early repayment instalment loans in Ireland to customers. You can use that facility if you are just 3 months away from clearing dues. However, if a loan provider charges it, then you may have to pay more than expected.

Alternative loan options to Instalment loans in Ireland

• Short-term loans
• Personal loans
• Debt consolidation loans
• Unsecured loans
• Bad credit loans

Bottom line

Thus, you may get an instalment loan in Ireland with a consistent income and good financial management. It could be a short or long-term loan depending on your needs and finances. You can choose an elongated term of up to 10 years to repay the dues. However, don’t extend it unnecessarily. Instead, focus on your finances, bills, and other life goals while selecting one.