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Do you need money for yesterday? If the answer is yes, then personal loans bad credit ireland may be the ideal solution. In this guide, you’ll understand how these loans work, when they’re really worth it, and how to compare the options available.
Personal loans bad credit Ireland are alternatives for those who cannot wait days or weeks for the release of money. Offering a quick way to get the money you need.
In this guide, we will look at the top companies and institutions that offer bad credit personal loans. We will detail what each of them has to offer, their pros and cons, and what you should look out for to close an advantageous loan.
Best personal loans bad credit Ireland
1. Bank of Ireland
At first, at Bank of Ireland you work to get good credit conditions, which helps those who need high amounts and don’t want to pay a lot of interest.
As a rule, APR is 7.1% when requesting from €20,000.00 to €75,000.00 and 8.3% from €10,000.00 to €19,999.99.
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It is an option to be considered, especially if you want total predictability.
2. AIB (Personal Loans Bad Credit Ireland)
AIB relies on variable-rate loans and clear examples to facilitate comparison.
For example, €1,500 for 12 months at 8.65% (8.95% APR) results in 12 installments of €130.48. With a credit cost of €65.76.
The variable rate means that the installment is fixed. But the final balance may change according to the interest rate adjustment.
Therefore, for those who have bad credit, approval is possible, but the rates will be higher and the limits lower.
3. An Post Money
If your priority is to know how much you will pay, An Post Money is an ideal option.
With a fixed rate, you are sure that the monthly installment will not change, facilitating financial planning.
For larger amounts or specific purposes, such as “green” projects. Offers start from 6.9% APR, a rate below the market average.
We recommend that you simulate in different terms (36, 48 and 60 months). And check if it is worth increasing the term a little to reduce the monthly installment.
4. Before Money (Personal Loans Bad Credit Ireland)
Avant Money has aggressive fixed rates, especially for higher amounts.
As a rule, the average APR is 6.7% for loans above €30,000.00. For smaller amounts, between €5,000.00 and €19,000.00 the rate starts at 8.4% APR. In fact, the deadlines are long for repayment, and can reach up to 120 months.
This type of loan is suitable for those who want to make renovations, exchange expensive debts or finance larger projects with total predictability.
5. Permanent TSB
The Permanent TSB, as a rule, has a high APR, averaging 14.3% applies to loans up to €6,999.99. While for €20,000–€74,999.99, the rate is 10.5% APR.
The attraction here is the terms that can reach 10 years, which offers more flexibility for those who need more time to pay.
For those with bad credit, the rate is likely to be higher, which requires extra care when comparing to other options.
6. Revolut
For those looking for agility in the application and approval process, Revolut is an excellent choice.
Approval is done directly in the app, with an APR starting at 6.5% and terms of up to 5 years.
In this alternative, you can change the payment date and make amortizations without penalty, in addition to monitoring everything in real time.
7. It Makes Sense (Personal Loans Bad Credit Ireland)
The It Makes Sense Loan, offered by credit unions, is a solution for those who need a small loan (between €100 and €2,000).
The maximum APR rate is 12.68%, much lower than those offered by moneylenders.
This type of loan is deducted directly from the benefit, reducing the risk of delay and making the payment more controlled.
In addition to being a regulated option, It Makes Sense helps those who are looking to solve financial emergencies without falling into unpayable debt.
The only point of attention is that the maximum amount cannot exceed €2,000.00, which may not be enough for some needs.
8. Loanitt
Loanitt does not lend money directly, but it does act as a credit broker, making it easy to compare various financial institutions.
It works like this, with a single form, you can access several loan options, which is useful for those who have bad credit.
9. Loan365
Loan365 is a licensed moneylender that offers fast loans, but with well above-average costs.
Just to give an example, if you ask for €500 to be paid at 26 weeks, which would result in 26 payments of €25, which results in a representative APR of 187.2% and total payable of €650.
The main advantage is quick approval, without the need for a good credit history.
However, the cost of a loan with a high APR should be well weighed.
We recommend that you use this option only in extreme cases, with a short term, and always with an exit plan, such as transferring to a credit union or renegotiating your debt.
10. Penny Farthing Finance
Penny Farthing Finance is also a licensed moneylender, but with sky-high fees that can go as high as 153.25% APR for 20 weeks, 150.77% for 30 weeks, and 128.08% for 52 weeks.
The main advantage is the hiring that is simplified, with weekly payments, which helps a lot those who need quick money
However, the total payable grows rapidly and the high APR can become a burden in the long run.
Conclusion
Bad credit is not the end, but it requires caution. In order not to fall into traps, you need to compare APR, CTC and timeframe before deciding.
Banks and credit unions are cheaper options, but they require a more detailed analysis.
Here’s the tip! Fintechs offer agility, however, with higher prices. Moneylenders should only be used in emergencies, with a clear exit plan.
In addition, it is essential to avoid impulsive decisions.
A loan may seem tempting in a time of urgency, but the consequences of a wrong choice can last a long time.
When evaluating options, consider the impact on your budget in the long run. And, if you feel that the cost of credit is too high, don’t be afraid to look for other alternatives or even renegotiate conditions with the institution. That’s why it’s important to apply personal finance management tips so that you don’t need fast credits, with high rates, in the future.