Personal Loans in Ireland for Emergencies: What to Know Before Applying
Loans are a popular way to borrow money to meet any unexpected costs. Lack of enough savings oftentimes compels you to take out external funds. Personal loans in Ireland are a broad loan category that can be obtained in different forms.
These loans are a lifeline for those who need immediate financial assistance. Quick access to funds can help you overcome pressing financial necessities. You can avail yourself of this facility of receiving funds once the lender approves your loan application.
A wide variety of purposes can be covered with this financing option, provided you choose the right loan amount. Again, finding a legit lender who can personalise loan offers based on your needs is difficult. Givemyloan can make this process easier for you.
They are well-connected with a network of responsible and experienced lenders. You can take help from them to find a suitable loan provider. First, get acquainted with personal loans by exploring this blog.
Everything about personal loans in Ireland
A personal loan is typically an unsecured loan option. On approval, you can get access to a lump sum amount of cash. Repayment can be covered in a weekly, fortnightly, or monthly manner.
The total amount of repayment will be split into equal amounts payable over months till the end of the term. Borrowing up to €10,000 might be possible depending on the lender you choose.
Why should you choose a personal loan for emergencies?
They are a practical financing option when you use them responsibly. These loans can offer a variety of advantages that can make your borrowing journey smooth and effortless.
- Get a fast decision and quick access to funds once the lender approves your loan request
- No need to risk your assets, like a home or a car, to get funds for urgent necessities
- Obtain personal loans for bad credit, even by establishing your affordability
- Repayments are going to be predictable, as you will have to pay fixed monthly payments
- There will be no restriction on how you should use the approved sum of loans
- Apply online by providing a few details in the application, which will reach different lenders
- You can receive loan money in your bank account without visiting any bank branch
How to choose the right personal loan at the best rates?
Interest rates will influence the total cost of borrowing. The total repayable amount will vary depending on the amount of the loan you choose. Now, if the repayment term is kept constant at 3 years, you can find out how the cost changes with different amounts and at different rates.
This table will demonstrate this and can help you understand personal loan interest rates in Ireland.
| Loan amount | Interest rates | Monthly payments | Total repaid | Interest paid |
| €5000 | 6% | €152 | €5,472 | €472 |
| €5000 | 10% | €161 | €5,796 | €796 |
| €10,000 | 6% | €304 | €10,944 | €944 |
| €10,000 | 10% | €322 | €11,592 | €592 |
How to qualify for personal loans?
Before you send out the loan request, you must check the personal loan eligibility criteria.
- You must be 18 years old and a resident of the Republic of Ireland
- You must have a regular source of income
- You must have access to an active Irish bank account
These are the basic conditions which that be established with supporting documents.
What are the steps to apply for these loans?
You might require a €1000 personal loan. Follow some online steps to apply for it. You can apply individually with different lenders.
This can be daunting, as you will have to fill out multiple forms. The process can be complicated and time-consuming at the same time. If you do not want this stress, you can approach a loan broker in Ireland.
They can be a perfect interlink between borrowers like you and prospective lenders. The best part is that you do not have to fill out multiple forms. One single form would be enough to allow them to introduce you to different lenders.
- Estimate your requirement
Determine how much you need to be able to choose the right lender, as borrowing ranges vary from lender to lender.
- Review your credit scores
This step will help you know your credit scores. Based on them, you can search for lenders and save a lot of time.
- Fill out the online form
You must provide some important details in the application form. This will help the broker find relevant lenders based on your financial profile.
- Compare lenders
Your application will be shared with different lenders. You will receive loan proposals that you can compare based on rates and terms.
- Accept and receive funds
Choose the lender and accept the loan agreement by signing it. Finally, receive the loan money in your bank account.
The bottom line
If you are looking for private money lenders in Ireland, Givemyloan is here to assist you. They can help you search for different loan providers at the same time.
With a single online loan application, you can approach multiple lenders. No need to apply separately and save a lot of time. Utilise their experience and expertise to find out an ideal lender who can provide the best personal loan offer.
Ava is Editor-in-Chief at Givemyloan and is known for her deep and practical approach to modern personal finance. She has written several articles covering topics like personal loans, business loans, etc. Coming from an economics and finance background, she has worked behind the scenes to curate informative content to help borrowers identify the right loan option.
Ava’s role at Givemyloan lets her combine her interest in writing with her curiosity to explore the finance realm. She likes to be updated about what is happening in the lending industry. Most importantly, she tries to instil her knowledge in her writing in the best way possible.
She is passionate about helping borrowers look beyond the general features of a loan, i.e. about the fees and other intricate details. When she is not writing, she likes to read contemporary fiction. She is on a mission to help educate people looking for loans so that they take the right route.
