What are Small Loans?
A small loan is an amount of cash that you borrow with a direct lender for a small period. These loans aim at helping you get by unless you receive your next pay cheque. Loansonclick provides small loans in Ireland up to €2,500. Since the amount is not so big, the repayment period does not exceed one month.
The borrowing limit
|€1,000-€1,500||One week||Lump sum|
Note that if you borrow more than €1,500, you will pay interest in instalments and the principle amount in lump sum at the end of the term of the loan.
To apply for a small loan with us, you need to fill out the loan application form online that takes hardly five minutes. Once approved, you will get funds directly to your bank account. You must be the resident of Ireland and over 18 if you want to apply for small personal loans.
Can I Get a Small Loan When I am Unemployed?
Getting a loan during unemployment seems to be a bit difficult. Of course, traditional lenders will turn down your application without further ado, and if you approach direct lenders, they will hesitate lending you money because of high default risk. As small loans aim at helping you tide over unless you receive your income, you are eligible for these loans provided you have unemployment benefits or a part-time job. Note that you cannot borrow more than €1,500.
Can I Apply for a Small Loan despite a Poor Credit Rating?
Getting a loan signed off on with a bad credit standing is very difficult. Whether you apply for a short-term loan or a long-term loan, a lender will always look into your credit file to see payment defaults in the past. High default risks may account for the rejection of your loan application, but a few online lenders consider application from bad credit borrowers.
We believe that poor credit rating is not always the result of financial irresponsibility and therefore we provide bad credit small loans. However, the interest rate is likely to be a bit higher. Loansonclick suggests that you should analyse your repayment capacity before applying for bad credit small loans.
Are Small Loans Different from Payday Loans?
Many borrowers think that there is no difference between small loans and payday loans in Ireland because both of them have more or less same features, but both loans work differently.
- Small loans are paid in instalments while payday loans are paid in lump sum.
- The length of small loans can extend up to a month, but payday loans are paid in 14 days.
- Unlike small loans, you cannot take out payday loans when you are out of work.
Does Loansonclick Run a Credit Check?
Whenever you apply for a loan, a lender always runs a credit check to analyse the default risk. This helps them know whether it is worth lending you money or not. Since small personal loans carry very small amount, we run neither a hard credit check nor a credit check. This is why they are also known as small loans with no credit check. We take into account your income statement while making a lending decision. We make sure that you do not borrow more than your affordability. We lend you what you can afford.
Can I Take Out a Small Loan for Business?
As the name suggests, you can fund only small needs with such mini loans. A lender does not ask you for a reason to borrow money at the time of filling out the application form. It is up to you how you want to use money. The most common reasons why people take out online small loans are:
- To fund a birthday party
- To enrol in a course
- To buy movie tickets
- For car repair
- To pay utility expenses
As long as you can fund your business expenses within €2,500, mini loans are an ideal option. Otherwise, you should take out a business loan.
Loansonclick provide small loans at affordable interest rates without charging any processing fees. Need money fast? Apply for these loans today!
Can I fund my business expenses with small loans in Ireland?
Yes, you can. Small loans in Ireland are designed for all those people who want money to run their business or short funding help. Although, you can easily handle all the repayments as it is not that much complicated. You can use that money to:
- Fund a specific small project
- Increasing the infrastructure
- Holiday plan for office staff
How can I get payday loans in Ireland at affordable interest rates?
You can easily get affordable and manageable interest rate on payday loans in Ireland if your monthly pay is high and how you convince the lender on repayment of the borrowed amount quickly. You just need to look for the direct lender whom you feel is giving you all the benefits.
Can I borrow short-term loans in Ireland despite bad credit?
Yes, you can do it easily. Short term loan in Ireland is meant for those people who are in short and urgent needs of funds. On that note, there will be no credit check as the amount is not that much big. You can easily repay it and get it from one of the lender whom you trust.
What could be the maximum term of small loans?
It can go for small loans for up to 6 months but it largely depends upon the lender’s policy. Some lender may only provide 3 months as the maximum. As a borrower, you should communicate with the lender before opting out for any loan term.
Shop Direct Ireland Ltd Quick Loan
£1,000 to £35,000
1 year to 5 years
Representative Example: The representative rate is 10.6% APR (fixed) so if you borrow £15,000 over 5 years at a rate of 10.6% p.a (fixed) you will repay £319.57 per month and £19,174.37 in total.
Esvic Limited Guarantor Loan
£500 to £10,000
49.9% APR variable
1 year to 5 years
Representative Example: The representative rate is 49.9% APR (variable) so if you borrow £4,000 over 3 years at a rate of 49.9% p.a (variable) you will repay £195.16 per month & £7,025.76 in total.
Allied Credit Ltd Quick Loan
£1,000 to £15,000
2 years to 5 years
Representative Example: The Representative APR is 79.4% APR (variable) so if you borrow £3,000 over 2 years at a rate of 59.9% p.a (variable) you will repay £217.24 per month & £5,213.68 in total.