How to Get Guaranteed Approval on Fast Loans in Ireland?

You must have come across some lenders claiming guaranteed approval on loan deals they offer. Fast loans in Ireland are small emergency loans aimed at subprime borrowers. Their approval is fast, normally within the same day. Since people need money to fund unforeseen expenses, they cannot wait too long. Further, the approval criteria for these loans are more convenient and flexible than other personal and secured loans.

As these loans are sought-after by subprime borrowers, they prefer to apply for them from a lender who does not repudiate their application courtesy of a low credit rating. Every lender runs hard credit checks when you apply for a loan. Therefore, hard inquiries are recorded on your credit report. They pull your credit points. Their impact remains on your credit score for two years. Every borrower prefers to avoid that impact. This is why they choose a lender who certainly approves your application.

Guaranteed approval does not exist

It is vital to note that guaranteed approval does not exist. In fact, no lender can guarantee approval beforehand. All legitimate lenders are required to peruse your credit report and income sources before approving your application. No loan can be approved without an affordability check, and it is possible only when you apply for a loan formally.

After you submit the application, a lender will check your credit report and income sources. There is a possibility that you do not earn enough money to be able to repay the debt. Of course, when they find that you cannot afford to settle those dues, they will not approve your application. So, if you come across such lenders, you should immediately understand that they are loan sharks.

No legitimate lender can give guaranteed approval. This is against the policy of the Credit Irish Bureau. You should carefully research lenders before applying for bad credit loans with guaranteed approval.

Guaranteed acceptance and guaranteed approval are not the same things

Guaranteed acceptance and guaranteed approval are not the same things. Guaranteed acceptance means accepting applications from all types of borrowers. It means your bad credit rating will not preclude you from applying for a loan.

It increases your chances of getting approval for a loan because the decision such lenders make is based on your income sources. So, even if your credit score is extremely poor, your loan can be approbated as long as your income is good.

You should focus on your repaying capacity

Most of the lenders approve bad credit loans if you pass affordability checks they run. Accepting bad credit applications means that they do not have a problem with signing off on a loan to someone with a poor credit rating. You should always try to focus on having a strong repaying capacity. If your income is good, your lender will be confident about your repaying capacity. Hence, the chances of being approved for a loan go up.

Note that lenders have their own criteria to assess your affordability. They do not make up their mind based on how much you earn. They rather make their decisions based on how much you are left with after meeting all of your expenses. So, the most important factors they take into account while making a decision include but are not limited to:

• How much money do you already owe? Loans are expensive. If you already owe a lot of money, even though you have been managing it well, your lender will be sceptical about your repaying capacity.
• The number of dependents – how many family members are dependent on your income. It could make it a shade difficult to manage payments.

Fast loans in Ireland are paid off in fell one swoop. The repayment term for these loans is normally 15 days. Lenders could call your credibility into question.

Ways to improve your approval rate for fast loans in Ireland

Here are the ways to improve your approval rate for fast loans in Ireland:

• You should have a decent credit score

Even though you can apply for these loans with a bad credit score, you should still have a decent credit report. A good credit rating suggests that you are a responsible borrower. If your credit report is not so perfect, lenders would presume that you miss payments. Of course, this will raise concerns. They will most likely reject you. Your credit score should be at least fair. Here is how you can improve your situation:

• Try to get rid of small loans. Your credit file should not consist of a lot of outstanding loans. Too many inquiries and debts will never work to your advantage.
• Try to keep your debt-to-income ratio low. It does not affect your credit rating, but it might influence your lenders’ decision. The lower, the better.
• You should pay off your credit card debt. Use credit cards for small purchases and pay them off on time.

You might not be able to fix your credit rating overnight, but reducing your credit utilisation ratio and debt-to-income ratio will certainly increase your chances of qualifying for small loans in Ireland at low interest rates.

• Research a suitable lender

Every lender has their own method to calculate the risk involved in lending you money. For instance, if any lender approves a loan despite a 550 credit score, another lender might not sign off if it is lower than 600. It is crucial that you carefully research the lender before submitting any loan application so you do not face any rejection due to your credit rating. Make sure that your credit score is more than the bare minimum score they have set for approval.

To sum up

It is not possible for a lender to give guaranteed approval on any loan. Even though lenders do not run hard checks to approbate small loans, you should still have a decent credit rating. In addition, you should be able to demonstrate a strong repaying capacity of yours. If you come across any lender offering guaranteed approval, you should not believe them.