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 Payday 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
Payday Loans in Ireland, All You Need To Know:
At FUNDGECKO, we enable you to find the best credit options for free, by equipping you with quality information needed to compare these loans including the best available offers at the moment, factors to consider while comparing and hiring the options, and the regulations of the credits, among others. The process is easy, fast, and free of charge. Take a quick read to know how to get started.
The current market for payday loans
We give you a monthly update on finance news. Find out the most recent events concerning consumer credits in Ireland.
- The Banking & Payments Federation Ireland (BPFI) gave its recent reports on personal loan activity on May 11, 2022. The reports stated that Ireland realized a strong rise in personal loan activity since last year at the same time. This reflects the rise in the lending of personal loans in Ireland, which demonstrates a consolidated financial system.
- The Bank of Ireland projects a rise in the cost of payday loans (as it has started to materialize) citing the Russian invasion. The EU is starting to experience a serious economic disturbance as it is directly linked to both Russia and Ukraine. Banks will reduce their lending volumes to maintain liquidity during these harsh times.
The above info hints at a sort of unstable economy and financial system in Ireland. The rates of lending will increase while the lending volumes reduce as long as the war persists. This is happening when Ireland was making big strides toward post-pandemic economic recovery.
Rights and Duties of Credit Consumers in Ireland
Knowing your rights when taking out a loan will establish your confidence and help you borrow safely.
- The Irish Law allows consumers to assess the quality of the credit they receive. The credit has to meet the standards of the lender’s description. If not, the borrower is allowed to either ask for a repair, replacement, or refund.
- A borrower has the right to evaluate the conditions of the loan and find out whether they are in an advantageous position. If not, the loan is considered unfair and the borrower is allowed to reject it.
If taking out an online payday credit, below are the consumer rights:
- Right to access all the details of the contract beforehand
A loan is an important financial decision that may end up changing your economic situation forever. It’s therefore advisable to take time and fully understand the contract of the offer you’re committing to. A lender is not in any way allowed to deny you this information.
The information should detail everything about the loan including the loan conditions (amount, term, interest rates, commissions, and other costs). Moreover, the lender should give you some time (normally 14 calendar days) to read through the contractual information and be sure of whether to hire it or not.
- Right to cancel a loan offer (within the safe period)
Some loan offers are gimmicky. If an offer seems so good from the outside, look out for its nitty-gritty details to avoid such loans. You have the right to cancel the loan even after receiving the funds. This should happen within the first 14 calendar days.
- Right to receive updates throughout the repayment period
A lender is expected to provide updates about the loan throughout the repayment period. This is regardless of whether the information is indicated in the contractual documents. The lender is also required to answer any questions regarding their products.
Below are the duties of credit consumers in Ireland:
- Duty to repay a loan after taking it out
A borrower is expected to make wise financial decisions. This is because once taken out, a loan is expected to be paid back under the agreed-upon conditions. The lender will have all the rights to auction or file a case against you if you don’t pay it back.
- Duty to read through the contractual terms of the credit
It’s your duty to read through the contractual information before committing to it. In this way, you’ll have a chance to ask the lender questions and clear your doubts about the offer. Most of all, you’ll be psychologically prepared for what you’re signing up for.
Note that once you commit to it, you’ll be required to abide by it all the way, regardless of whether you read through it or not.
- Duty to provide all the necessary information
The lender will require personal information about the borrower to make the processing of the loan possible. Your lender might ask for a copy of your ID card, residence number, tax returns, bank statements, income receipts, and the like. The lender may resort to canceling the application upon failure to provide all the needed information.
Note: beware of scammers who might ask for your passwords and PIN.
- Duty to abide by all the conditions of the loan
As long as a lender provides all the information about the contract, signing up for it means you agree to abide by the conditions. You’ll be expected to go about the repayment process under the charted-out path.
Hence, be sure of what you’re signing up for.
How to apply for a payday loan?
The process of applying for a payday loan is easy, short, and fast. While some entities might adjust this process, the steps to take are practically the same.
- Select three loan offers that seem attractive to you then compare their conditions to end up with one that best suits you.
- Be sure to provide all the required personal data in the application form. Go ahead to indicate your preferred conditions of the loan (amount and your preferred repayment period).
- After the lender receives the filled-out application form, they’ll send you a pre-approval message which is instantaneous for the online application and takes a few days for the physical mode.
- Send all the documentation requested either by mail, a courier, by uploading photos, scanning a QR code, among others, or delivering it physically to the office.
- After verification, the lender will approve your application and send you pre-contractual information. Read it through to get a hang of how the loan will work in the future. The contract will detail the amount, repayment period, commissions, interest rate, etc.
- If you like the offer, sign up for the contract either in-office or using a digital signature.
- Receive the funds either in a few hours or after a few days depending on the entity.
Requirements for payday loans in Ireland
You want to hold your peace until the lender releases the money to your account. While lenders may add some peculiarities to their loan requirements, below are the most basic ones you’ll have to meet:
- Be of legal age. While 18 is the legal age, some lenders have a minimum age requirement of 21 years.
- Collect enough income. The amount of income requirement also differs with entities. Income demonstrates to the lender your ability to repay the loan. If you collect a low income, you’re likely to access small loans (the opposite is true).
- Demonstrate your creditworthiness. Lenders will assess your credit history before approving your application. If you’re blacklisted by the Irish Credit Bureau, your application falls at the risk of being rejected.
Since a loan is a financial obligation that eats into your monthly salary, be sure to take out an offer that’s easy to repay. It’s recommended to take out a loan whose monthly installments cover 35 to 40% of your monthly income.
Documentation for applying for a payday loan
The lender will request supporting documents that are essential during the processing of the loan.
- Copy of your national ID card or passport
- Bank statements indicating income and expenses of previous months
- Previous income tax returns (may not be required for small amounts)
- Income receipts or payslips of the last 2 to 3 months
- Documents showing your purpose for taking out the loan or the budget of your project.
Every document plays a role during verification. Hence, failure to provide all the needed information may make the loan application unsuccessful.
Who grants payday loans in Ireland?
Banks are the oldest providers of payday loans in Ireland. They were taking the lion’s share in Ireland’s lending market until the 2008 financial crisis. Many non-bank lenders capitalized on the loophole and have been evolving by the day.
Entities that grant payday loans:
- Bank entities
- Credit Financial Institutions (CFE)
- Private Lenders
- P2P Lending Platforms
Obtain financing through banks
- Offers a variety of products
- Excellent borrowing conditions
- Grants big loans
- Financing for long repayment periods
- Affordable due to low interest rates
- Slower than other lenders
- Has more commissions than other lenders
- Seniority is greatly considered
- Offers more related products
- Guarantee is required
Credit Financial Institutions (CFE)
- Available for a variety of purposes
- Cheap due to low interest rates
- Fewer commissions and bonding
- Concessions in hours
- Has exacting eligibility requirements
- They operate only through stores or dealerships
Getting loans online with private companies
- Fast processing of the loan
- Less strict eligibility parameters
- Seniority is not considered
- Expensive due to high interest rates
- Can lure you to over-indebtedness if not taken out responsibly
Payday Loans through P2P Platforms
- Excellent financing conditions
- Easy 100% online application process
- No related products
- Slow processing of the funds
- Strict eligibility parameters
- Few platforms that give payday loans
FAQ: Frequently Asked Questions
What is a payday loan?
A payday loan is a consumer credit designed to address such consumer needs as buying a car, making a renovation, purchasing furniture, etc. The lender gives us a certain amount of money expecting us to refund it within a designated term. The repayment process will be shaped by the conditions the lender has set for the loan.
These conditions are fixed without changes except for the ones indicated in the contractual information. The lending of payday loans is regulated by the Bank of Ireland and may not be way too unfavorable.
Why don’t you give me payday loans?
There are a set of reasons why your loan applications are canceled. The lender will spell out the requirements for their financing. Failure to meet a single requirement such as submitting faulty documentation, providing insufficient personal information, not meeting their age limits, having a poor credit history, and the like, may have the loan canceled.
What is the INE form for a loan?
This is a document that details all the clauses and conditions of a consumer loan. The document explains how the loan works and factors such as the amount, the term, the interest, the APR, the commissions, the possible insurance, etc.
What is the binding offer of a payday credit?
Under a binding offer, we have a minimum of 14 calendar days to compare other loan offers without losing the current one.
Can payday loans be paid in advance?
The Irish Law allows credit consumers to repay the loan either in full or part before the designated time. The borrower will be required to notify the lender beforehand. Additionally, the borrower will still be expected to comply with all the conditions of the loan while making the repayment. They might also face some early repayment fees.
What if I take out a loan online and then regret it?
As aforementioned, a borrower has all the rights to withdraw a loan in its initial stages. The borrower will have 14 calendar days to do so beyond which they may be in for penalties.
What happens if I don’t pay back a payday loan?
Lenders are allowed to auction or file cases against borrowers who fail to repay loans. Your name may end up being blacklisted on the ICB. Both options are more costly than the loan itself. Hence, make all efforts to repay a loan once you hire it.
When to Apply for a Payday Loan
A payday loan is advisable to clients who have the time to compare different options, don’t mind changing entities, and are patient enough to follow the lending process.
You’ll end up with an offer that best suits your needs. The above banks are the best providers of payday loans.
When to Apply for a Fast Loan
A fast loan comes in when you need quick financial intervention. The loan is small by design with a short repayment period. For their ease of hiring, fast loans can easily plunge you into over-indebtedness. Hence, use them responsibly.
A loan is a good source of money that can help you improve your financial situation forever. It provides a good injection of funds, helping you to retain liquidity or bailing you out of an economic crisis. Hence, you want to avoid an offer that won’t serve these purposes.
Take out loans responsibly and beware of gimmicks and scammers.
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.