Loans despite bad credit? On Instant decision? Both are true
Loans have a very stereotypical image. They are always considered stubborn, difficult to reach, difficult to qualify for and what not. They ask for so many things in the name of formalities and when it comes to credit rating, oh! Don’t even ask. Nothing less than perfect is acceptable to these loans. HOWEVER, the wave of change has already arrived and you just need to let it hit hard on the shore of your abandoned financial literacy. Perhaps you have not updated yourself on that part from a long time. Look around, the new age lending has come to play its role. The loans and funds are now available to bad credit people too.
The bad credit loans – What exactly are they?
As you can read and get the basic idea, these are the loans for bad credit people. But the purpose of these loans is much more than a traditional loan product.
- 2 Prime Purposes Of Bad Credit Loans
1 – Provide funds to people with poor credit scorers as no mainstream lender considers their loan application.
2 – Give a support to help people improve poor credit rating with the help of customised deals. The instalments are small and easy to pay; the timely repayments give a boost in credit rating.
How to apply with no chance of rejection?
Well this has two aspects, first the application procedure and second, the ways to prevent the rejection. Why not take both one by one?
The ‘how to apply’ procedure
Contradictory to your expectation is the process of loan application of bad credit loans on instant decision in Ireland. The process is small and swift, completes in only 3 steps –
1 . Visit the website of the lender, fill the application form and submit it. It takes a few minutes as the form has only basic financial and personal details to ask.
2. Get the approval decision. Minutes after you submit the loan application, the approval decision comes. This is why these loans are called the instant decision loans.
3. Get money. Once approved for the loan, you get the funds in your bank account in quite a short while.
How to avoid rejection?
Come on the point directly, to avoid application rejection, do not apply to many lenders at the same time. This makes you look credit hungry, leaves many search footprints of credit check. Also, do not hide anything from the lender and follow its guidelines sincerely. Finance industry likes trustworthy borrowers.
High Approval Rate
The instant decision bad credit loans are of short-term nature. The loan amount is also small. The lender does not get into many formalities and give approval to most of the applicants. You can say 97 out of 100 that apply get the approval.
How much you can borrow and for how long?
Well that is a question that only the lenders can give according to their own individual policies. Such things depend on their discretion; you can do one thing only. Find a lender that matches to your requirements in its policies.
However, there is a common culture in this concern too. The tenure is 3 months minimum to 36 months maximum. The amount is €300 minimum to €5000 maximum. This least and last limit can change depending on the lender.
Lenders have different policies on bad credit score
It is true that lenders provide loans despite bad credit, but on this aspect too one lender may act differently than the other. For instance – 561-720 (Experian) that is considered as bad credit rating gets different treatment in varied lending companies.
For instance – A lender may accept you on 561 credit score while the other may tell that its minimum requirement in bad credit score is at least 600. In that case, all below the 600 score can never qualify if they apply to this lender. Some may even tell you that they accept poor credit scorers only between 650-700 credit ratings. If you are somewhere between this then it is fine otherwise, look for other choice.
The obligations are not there as repay capacity is more important
Do not think that if due to bad credit score you need to provide obligation of guarantor or collateral even for a short-term loan. NO, the case is different in the online lending. Your repayment capacity is the prime concern for the lender, on this aspect there can be no compromise. Show your salary slips, income status and of course, a satisfactory income outgoing ratio in which expenses do not dominate income.
Another important feature in the bad credit loans on instant decision in Ireland is the no credit check feature. This means get funds without any credit check, which prevents search footprint on your financial records.
Borrow funds, as they are available with ease but do not forget to be punctual in your repayments. This can help improve your credit rating.