Personal loans in Ireland are unsecured loans that help borrowers meet both unforeseen and planned expenses. Understanding the eligibility criteria is extremely important to apply for personal loans, as this helps:
Lenders need to ensure that your financial condition is stable before approving a loan. Therefore, Brokevo runs a checklist of requirements that you must meet to be accepted for all types of loans, including personal loans.
We use the following factors that affect your eligibility for personal loans:
Age
The minimum age to qualify for our personal loans is 18 years.
Income
It is all but impossible for lenders to approve your application without running an affordability assessment. Checking your income source is part of it, and it should have stability.
It does not have to be a full-time job, though. You are eligible for our loans in Ireland even though you are self-employed, a freelancer, or an entrepreneur.
Those who are employees will be required to submit pay slips. Besides, others will be required to submit a copy of their bank statements and income tax returns if applicable.
A debt-to-income ratio
The ratio suggests how much you owe against your income. You can apply for personal loans in Ireland even if you have some other debts to settle. Still, too much outstanding debt on your credit report will make lenders suspicious about your repayment capacity. This ratio is assessed to determine whether you will be able to repay an additional debt. We recommend providing accurate information about your debts so we can assess your affordability.
Employment stability
It is good to have a strong income source to be able to qualify for personal loans. Apart from that, lenders also prefer stability. If you have been frequently switching between jobs, lenders will not believe in your repayment capacity. We look for consistency in employment.
Credit history
Lenders will also assess your credit report to understand how you managed payments previously. Despite applying for a bad credit loan, you cannot escape a credit check. Having a good history will help increase your chances of being accepted for unsecured loans.
To apply for a personal loan from Brokevo, you must:
If your credit score is less-than-perfect, it does not preclude you from applying for our personal loans. You are eligible for them provided you keep up with payments on time.
It is vital to note that being eligible for a loan does not mean being accepted. Despite having a good credit score, there is no guarantee that you will be approved for a personal loan.