Despite higher education and vocational skills, unemployment is a harsh reality today, and that brings money crisis as the ultimate issue. In that case, some sort of financial support is required now and then. Besides the savings and help from friends and family, you need a source of funds. Loans for Unemployed in Ireland can provide the required cash at the time of need through the less time-consuming process.
Myloansboat offers loans for jobless people with few formalities to ensure timely delivery of funds to you. The funds get transferred within 24 hours. Direct lending is useful due to its capacity to provide support on time.
| Direct Lenders | Mainstream Lenders |
|---|---|
| You get more flexibility in the eligibility requirements as they accept benefits, part-time income, or a guarantor as a repayment source | Strict eligibility criteria require a regular income source |
| Instant approval within 24 hours | Loan approval may take a couple of days or a week |
| Soft credit check | Always conduct a full credit check |
| Higher interest rate, but competitive most of the time | Lower, but only for those with better credit score |
| Smaller loan amount up to €5000 | Larger loan amount |
| Short or medium repayment term | Longer repayment term |
| Mostly unsecured loans | Prefer secured loans only |
We give value to time and understand that after a job loss, a money crisis always means urgent and unforeseen expenses. To nullify your struggle with the multiple expenses, our cash loans for unemployed in Ireland present a practical solution. Based on a basic repaying capacity, you can borrow money and can repay in affordable instalments. Due to the round-the-clock presence of the loans online, you can apply at any hour of the day. Approval decision comes within 5 minutes of application submission. We even do same-day fund disbursement for the borrowers with a satisfying repaying capacity.
The varied features of the loans for unemployed in Ireland make the loan deals better and convenient for the borrower. To ensure convenience in the experience of the applicants, we add some traits to the loan deals.
Yes, you can get funds despite a poor credit situation as the lender accepts applicants with poor credit if recent repayment capacity is sufficient. After losing a job, it is already difficult to manage expenses, and most people miss repayments and bills. In that case, the credit score drops.
Our bad credit unemployed loans are designed through responsible lending policies, and that makes us accept poor credit applications. New age lending is not only about credit score performance. It is more rational and considers many aspects. Most important is the current financial situation.
We normally believe that to increase the approval chances, the fund seekers should apply soon after job loss. At the time, the financial history is usually spotless. Besides, once we see your repaying capacity, you can apply for more funds in the future. For existing borrowers, we already have special offers on quick loan deals.
We need to remind you here that any application capable of paying loan instalments can apply and get funds. It has nothing to do with your credit rating. However, there should not be recurring missed or delayed payments incidents, especially in the recent 3 months. In that case, lending rules may apply to the approval chances of a borrower. It is best if you have a satisfying repayment history in the last 6 months.
No guarantor is required to borrow funds. The unemployed loans with no guarantor are short-term loans never have the obligation of third-party involvement. It is always on the wish of the borrower to bring a guarantor. It makes the loan application easier for the borrowers.
All our borrowers get loans for the unemployed without any guarantor. There is no impact on the total cost of the loan if the borrower has no guarantor. The customised deals ensure that you get a lower rate and small monthly loan instalments. We understand that it is not practical to make hefty repayments after job loss. With sundry financial responsibilities and expenses, it is impossible. You can Apply Now and can experience it on your own.
We are flexible on sources of income and accept them as regular earning proofs. Rationally, there is no constraint on the type of income proof because we have two rules only on the part of income.
Besides these, there is no considerable terms and conditions. The application process is simple, and technically your part is majorly about providing authentic earning proof.
Rental income, part-time job, freelance work income, anything you can present. It should be regular because an irregular income is never able to prove to repay capacity. According to the lending industry rules on the fast loans for unemployed in Ireland, current income status is a significant factor. It is not possible to approve funds without an earning source. If you can prove it, then we can approve you.
Here are the main risks of unemployed loans that you should be aware of before starting the application procedure:
| Risks | Impact |
|---|---|
| High interest rate due to increased lender’s risk | It will increase your debt burden as you have to pay more on interest |
| Shorter repayment term | Higher monthly instalments that may put an extra burden on your income |
| Higher chance of default as you are unemployed | It will impose a late fee, possible legal action, and a negative effect on your credit score |
| Debt spiral | It can lead to long-term financial instability |
| Collateral loss if applied for secured loans | If you default, you will lose the collateral |
We accept every loan application as the scrutiny to check repaying capacity happens later. During that check, if your financial circumstances are such that they will not affect the timely payment of instalments, we approve funds.
It is important to mention that we may want to do a hard check in the case of pending obligations in recent months. If you clear them on time, we don’t conduct a hard assessment. Rather, we do only a soft credit check. It won’t impact your credit score, and your loan chances remain intact.
Acceptance of loan applications is not a problem. The final lending decision always depends on the individual circumstances of an applicant. Different people have different circumstances, and loan amounts may differ accordingly. Based on your personal finances, we offer a final deal of personal loans for unemployed. Our loan approval rate is 98.5%, and you can stay sure about the acceptance.
The details and formalities are the same for all unemployed loan deals on Myloansboat. You just need to provide us with some basic information as the rest of the process is on us. We do online verification, which is why the fund seekers do not need to work on hefty documentation.
Here is what you need to apply for unemployed loan online in Ireland -
The loans in Ireland for unemployed are in abundance, but it is important is to find the best one. Myloansboat is destined to offer rational and best interest rates in the industry to help the borrowers when they need money desperately. Besides, no constraint of purpose gives an applicant the liberty to apply for funds for any personal cause. Same-day fund disbursement is another facility that keeps the borrowers sure about the timely receiving of funds. Contact us or apply now to know more about how things work. We have the trust of the millions of borrowers who have borrowed from us. They come again and get a loan every time they need funds for unemployment and other short-term loans.
You need to provide:
You can borrow the maximum amount of up to €5,000 through an unemployed loan. However, the lender will look at your affordability and repayment capacity to approve the final amount.
Most private lenders in Ireland offer unsecured loans to the unemployed, as these are short-term loans and do not need collateral. Therefore, interest rates will be higher, but adding a guarantor can calm down the loan cost.
With a fast cash unemployed loan, you can get funds on the same day. Online lenders take a quick review of your application and disburse funds within 24 hours. However, they sometimes take a couple of days to fund disbursal if there is to review their income sources.
Lenders keep higher interest rates that may go up to 12% - 15%, but it depends on the lender's terms. You can get the loan for a maximum term of 36 months. For the lower interest rates and maximum loan term, you need to apply for a secured loan or add a guarantor.
Missing repayments can cause late repayment charges and add more to the loan costs. If you continuously miss the payment and later default, your lender may take you to legal proceedings.
Yes, you can use the borrowed amount for any financial purpose, like financial emergencies, paying rent, traveling costs to attend interviews, hospital bills, etc. However, you should have a genuine purpose to apply for a loan.
Yes, you can get a joint loan with your partner if you are unemployed. To do that, your partner should have a good credit score and earn a stable income. Besides, you can both put an asset to secure the loan amount.