Multiple types of financial needs exist. Sometimes, you need additional support besides your own savings. Usually, taking a loan in such a situation is a wise decision. Still, it should be hassle-free without putting your assets at risk as collateral. In that case, unsecured loans in Ireland can act as a practical solution.
Most of you are not able to take a loan by pledging assets. These types of personal loans give you the opportunity to borrow funds at affordable rates without collateral. Taking these loans from a private online lender makes borrowing even more convenient.
There is a fast online process with no paperwork, and you receive the money in your account. Just by proving your repayment capacity, you can borrow irrespective of your credit score and employment status. This means you can apply for an unsecured personal loan for bad credit. No constraint of purpose is there.
Does an unsecured loan impact your credit score?
Unsecured loans with bad credit only affect your credit score if you are not paying the instalments on time. In that case, your credit score degrades. However, if you make timely payments, your credit rating improves. Hence, you can say that the loan affects credit rating in both negative and positive aspects, as per your financial behaviour.
Being a private money lender, Comparemyloan offers budget-friendly loan solutions. We deal with every borrower as per their credit profile. There is no stringent interest rate policy. You get the amount, the interest rate and the repayment plan that you can afford to pay back.
Unsecured loans are short-term loans that can be used for any significant purpose. Collateral is not required to avail funds. The loan is approved as per the individual credit history through a 100% digitised process. This makes loan applicants stress-free, and funds can be received through a smooth, effortless process.
As there is a custom loan agreement, terms and conditions are according to individual financial circumstances. Hence, repayment is also pocket-friendly. As the loans are also available to people with bad credit, the interest rate is a little higher. We will reduce costs through personalised deals if their recent financial behaviour is satisfactory.
- How do I qualify for unsecured loans?
Anyone who can fulfil the following eligibility conditions can approach unsecured personal loan lenders in Dublin or elsewhere to have an affordable deal.
| Eligibility criterion | Suggestions regarding eligibility proof |
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No-collateral loans work through a predictable and transparent online process. Your desired funds are only a few steps away.
Many types of unsecured loans are accessible to solve different purposes as per your needs. Know about them and see how it can best suit your needs.
Getting a loan despite poor credit
An unsecured personal loan for bad credit is available to those with past credit issues. If you have a less-than-perfect credit rating, apply now and borrow on flexible terms. Mainstream lenders may have rejected you, but opportunity is there with online lenders like us.
Consolidation of debts
An unsecured debt consolidation loan for bad credit can be used to pay off or merge multiple small debts. If you want to pay for one loan in instalments instead of various loans, these loans can help. The interest rate will be on the competitive side.
Building a positive credit record
If you have no credit score or a bad credit history, apply for an unsecured loan with no credit check upfront. Borrow funds without leaving search footprints as per your repayment capacity. Later, we will approve you for a loan after conducting a soft credit assessment.
Buying a new car
Yes, to buy a car, you can avail funds through these loans, and arrange a big deposit to purchase on affordable terms. Also, if you have strong creditworthiness, you can use the loans to pay for the complete cost. Sometimes, unsecured loans for car purchase act as a primary financial support.
Funding a wedding event
Yes, wedding expenses can be managed well by availing funds through an unsecured loan for a wedding. However, don’t forget that you have to show your affordability. Online private loans are indeed borrower-friendly, but proving your repayment capacity is vital.
No doubt, these personal loans have many uses, but there are also several disadvantages to taking out these loans. You should know every aspect to compare and get low interest unsecured personal loan.
| Pros | Cons |
|---|---|
| No collateral needed: It is the first benefit you get. Borrow a considerable amount without putting your assets at risk. | Short repayment terms: The loans are available for short terms. It may not help to get a larger amount for considerable purposes. |
| Easier access: Due to a transparent online loan procedure and speedy fund transfer, you can access funds faster. | Urge to over-borrow: These loans are instantly available through online private lending. Hence, you may over-borrow and overspend. |
| Tenants can borrow: Loans with no collateral are conveniently available to you, even if you are not a homeowner. | Impact on credit score: You may wonder, “What happens if I miss a repayment on an unsecured loan?” If you miss an instalment(s), it causes a decline in your credit score. Hence, don't skip any repayment. |
| Top-up option available: During the loan tenure, if you feel the need to borrow more, it is possible as a top-up loan. However, your payment history with us should be clean. | Late payment penalty: The lender may impose late payment penalties that can make your loan costly. Make your repayments on time. |
| Fixed interest rate: This ensures that you will pay the same instalment every month. Certainty is an important factor in planning a monthly budget. | High interest rate: As the loans are not secured, they have a higher interest rate as compared to secured loans. |