Small personal loans are unsecured loans that can be used to cover a wide range of expenses, from unexpected medical bills to loft conversion. Plentiful choices are out there when you need to access money. Still, banks prefer good credit histories, credit unions offer loans only to their members, and directly approaching online lenders cannot guarantee securing lower interest rates. Here comes the role of Ireland brokers.
Through the agency of a broker, you can compare deals offered by different lenders without submitting too many applications. If you apply with Brokevo, we help connect you to multiple lenders whose acceptance criteria you easily match. Comparison helps you choose the most affordable deal without harming your credit history.
A small loan is a sum of money you borrow from a lender to cover small or large expenses, which is to be paid back in fixed monthly instalments, with repayment terms ranging between six months and five years. They are also called small personal loans as they do not require collateral. In case of a high default risk, lenders will charge high interest rates. Exercise caution while using these loans.
The most common reason for borrowers to apply for small loans in Ireland is that they want to bridge the gap in savings. Whether you come across an emergency or you need money for your wedding, you can use these loans if there is a shortfall in your budget.
There is a wide range of expenses you can use these loans for, including but not limited to :
A small personal loan cannot be a solution to your financial problems. They should be used only when there is urgency, and you are confident that you can repay the debt. If you are already struggling with problem debt, you are advised to consult a debt advisor.
Having a bad credit history does not preclude you from submitting your loan application. Certain lenders specialise in providing small loans to subprime borrowers as well.
We have a large panel of reputed online lenders who accept applications from borrowers with poor credit histories. As soon as we receive your application, we will analyse whether you match the acceptance criteria of our lenders. If so, we will forward your application to multiple lenders on our panel to review.
This pre-stage screening will not harm your credit history.
Afterwards, you will be informed of interest rates, APRs, and repayment terms to compare deals. Based on the close estimate, you will choose the most affordable deal. The loan will be processed after formally submitting the application.
Qualifying for lower interest rates by applying directly to online lenders is not possible due to a poor credit history. They usually offer special deals through brokers. We can help you obtain those deals.
Finding the right small loans can be time-consuming, and if you need a small amount of money, you cannot obtain prequalification letters from lenders to compare and choose the best deal. This is where Brokevo steps in.
We have a large panel of reputable and responsible lenders. Even if you need a short-term loan, we can provide you with offers from multiple lenders, so you can make the decision. This does not leave hard search footprints on your credit record. We complete this process in just a couple of minutes.
Once you have decided, you can go ahead and make a full application directly to the lender. Please be informed that at this stage your lender will run a thorough affordability assessment, which includes hard credit checks.
As a small loan broker in Ireland, Brokevo will help you find the most suitable deal that matches your budget. We understand lenders’ criteria, so we can guide you through to completion free of charge.
It is completely your decision whether you want to apply directly for a loan from a direct lender or search for one using a loan broker in Ireland. The following table demonstrates the key differences between using a credit broker and a direct lender.
When you choose a direct lender:
When you choose a broker:
A broker can help you be introduced to a couple of lenders whose acceptance criteria you match, but you should carefully make comparisons to ensure that you choose the best deal. The comparison should be based on the following factors:
APRs (Annual Percentage Rates)
APR includes interest rates and associated fees and charges, and therefore emphasise APRs when drawing a comparison.
Repayment terms
A shorter repayment term involves higher monthly instalments and lower total interest. On the other hand, a longer repayment term means lower instalments and higher total interest.
Approval speed
Make sure that the lender you choose provides you with funds instantly. Brokevo collaborates with lenders who are known for their quick turnaround.
Flexibility
Small personal loans are paid off in fixed instalments. The repayment plan remains unchanged even if your financial condition is no longer the same. You should choose a direct lender who is flexible with repayment plans. Brokevo can introduce you to lenders who may tailor your repayment plans to your current financial situation.