Compare the best options on the market and choose the one which best adapts to your day to day needs.
Further Below: Our Guide To Online Loans in Ireland, Everything you need to know.
1. Avant Money
- Flexible and big loans of up to €150,000
- Attractive interest rates of 5.9% APR
- Fast application process
- Long repayment terms of between 3 and 10 years
- Open for any purpose
- Lax eligibility criteria
- The loan limit grows with timely repayments
- Excellent loan conditions
2. KBC Bank
- Loans of up to €120,000
- Friendly interest rates of 6.3% APR
- Flexible repayment terms of up to 120 months
- Available to both account holders and non-holders
- Available to clients with income
- Few additional costs
- Excludes insurance fees
3. Allied Ireland Banks
- Big loan amounts of up to €100,000
- Fixed and attractive interest rates of 6.4% APR
- Favorable repayment periods of between 36 and 120 months
- Online app for first loan application
- Excellent loan conditions
- Fast processing of the loans
- Eligible to clients with income
Online Loans in Ireland, All You Need To Know:
Get the grips on how to contract the best online loans in Ireland. In this article, you’ll learn how to compare the best available options, factors to consider, the amount of money you can get with this type of credit, and their conditions.
- Online loans are a quick, convenient way of getting money
- They come in to solve small economic emergencies
- Online mini loans provide small amounts of money for first-time applicants
- They have short repayment periods of one month
- Their repayment happens once
- Online mini loans are more expensive due to high interest rates
- The application process is completely online and fast
- They have fast concessions
What are mini online loans and how do they work?
Just by their names, online mini loans are financial products designed to address small financial contingencies. The loans are taken out online through online platforms. The lender sends the application form which the borrower fills out with personal details and sends it back online. The loan is expected to be reimbursed in a month, which makes it best suitable for small financial needs.
As this is considered more expensive than other loans, lenders tend to improve the financing conditions for loyal and habitual clients. The lender may increase the amounts, extend the repayment terms, and reduce the interest rates. This is the lender’s prerogative and it never has to happen.
The lending of these loans is only advisable when one is able to assume repayment with ease. They are a reason why many people have negative credit scores since their process of application is easy and fast. People, therefore, tend to abuse them.
What we should know about mini-credits
- They are taken out to address specific economic needs
- They offer small amounts to new clients (up to 300 euros)
- They are mostly repaid after 30 days
- They have very fast concessions (in 15 minutes)
- They have very high interest rates
When is it advisable to apply for online loans?
One thing you want to avoid is getting a loan that is hard to repay. Hence the need to understand your financial needs and which loan perfectly fits them. While online loans are attractive at the first glance, take a keener look into them to know whether that’s what you want to end up with.
It is advisable to apply for mini-loans if/if not:
- The need is not habitual
- The purpose needs an instant injection of funds
- You can assume repayment with ease
- You do not solicit on a regular basis
- You know every cost you’ll have to pay
- You know all the conditions of the loan and how they work
- The need comes regularly
- The purpose doesn’t have to be addressed urgently
- You may not be in the perfect position to repay this loan
- You would like to contract this loan regularly
- You don’t know all the costs involved
- You don’t have an idea of how these loans work
Use the above points to assess your financial situation before committing to this type of credit.
How much money can I get with mini-credits?
As mentioned previously, online mini loans are recommended for small financial contingencies. They come in handy when we can’t qualify for big loans and when in need of an instant financial injection.
Their financing conditions may be based on seniority, where new clients access small amounts and older clients get bigger loans.
Up to 300 euros
Up to 1,000 euros
The difference in the amounts is based on the loyalty levels. Since these loans have fewer requirements than other loans, the lender may not want to risk providing big loans to new clients. However, conditions may improve depending on the client’s loyalty to repay them.
An entity may increase the loan limits, reduce the interest rates, and increase the repayment terms for loyal clients who’ve repeatedly made on-time payments.
Requirements to access the online loans
Requirements for this type of credit are a little laxer compared to other loans. However, no matter how few the requirements are, the client will be expected to meet them all:
- Collect an income. The lender will be more confident to finance clients with a monthly salary.
- Be of the right age. Financing is only availed to clients whose ages fall within the set age limits. Some lenders will have 21 as their minimum age requirement.
- Be a resident of Ireland. Online mini loans are only available to clients who reside in Ireland and can prove that.
- Have a healthy level of debt. Lenders will assess your credit history with ICB before processing your loans. Hence, be sure to maintain a positive credit score.
The lender will send you an application form online where you’ll be expected to fill out the above information.
Documents to be submitted when requesting an online loan
After providing the information in the above section, the lender will request supporting documents which will make the processing of the loan easy and validate the borrower.
- Valid identity card or passport
- Last paycheck or income received (sometimes you can ask for the last three)
- Residence permit
- Bank statement showing the holder and the account number.
If you have an account with the entity, you’ll not be requested to send in the bank statements or any paperwork since they already have your bank details.
How to take out mini loans online step by step?
Steps to contract a mini loan
- Choose the amount and term
- Fill in the form
- Send the documentation
- Read and sign the contract
Since the process of applying for this type of loan is short and fast, the borrower will take four steps to have the money transferred to his account.
- Select a loan amount of choice and indicate your preferred repayment period.
- Provide the most genuine and accurate information in the application form. On the next screen, you’ll be required to fill out all the blank spaces with personal data: name and surname, ID, date of birth, mobile, and address, among others. Ensure that none of the information conflicts with the information in your paperwork.
- The lender will use online verification tools to validate your application. They will look out for any conflicting data between your application form and your bank statements. If all is good, they’ll approve your application and move on to the next step.
- The lender will send you contract information where the details of the contract are spelled out. Seek to understand everything about the loan and its conditions before signing up for it using a digital signature. Send the signed contract back to the lender who will sign it and release the funds to your account.
About this page, our methodology
What this page is for: we take time to outsource the best and most relevant information about finance and all you need to know to take out loans like a pro. Hence, we ensure you’re satisfied with the financial product you take out and that it is the best available option for you.
Source: the information regarding finance, the types of credits, their current lending rates, and their regulations have been drawn from the Irish Law on consumer credits, the Bank of Ireland, and other reliable reference portals.
Methodology: The data relating to the conditions of these products (amount, term, interest, etc.) have been obtained through online research and consultation of the official statistics of the aforementioned reference sources.
About Us: FUNDGECKO is an online comparator website designed to help our clients who know less about consumer credits. We walk you through the whole nine yards, allowing you to not only compare loan offers but also know how to end up with an offer that’s most consistent with your financial situation.
Note: the services we offer are totally free for the user, as FUNDGECKO obtains its income from advertising and its featured products.