When it comes to “no collateral”, it has to be unsecured loans. This is a popular way to arrange funds without putting assets at risk. There are some amazing options available for borrowers in Ireland.
This can be a stress-free way to gather funds, as you do not have to fear losing assets. However, these loans will bring their own set of obligations.
You must note them before considering any of these loan options. Getting these loans makes sense when you do not require larger funds. On approval, you can get access to a smaller loan amount.
Therefore, this funding solution can be a perfect opportunity when your requirements are trivial. Some of the exclusive features of these loans are:
No condition related to assets – Tenancy is not going to be a problem, as assets are not required to borrow money.
Your affordability matters – Here, your current financial potential will draw more attention as it can establish if you can afford loan payments.
Online application format – These loans mostly require an online application filled with the necessary details to get processed successfully.
No restriction regarding usage – Any short-term purpose can be settled with the help of these loans. No clarification is required from your end.
Now, dig deeper to review the various loan options you can obtain as collateral-free funding.
Different kinds of unsecured loans you can obtain
The collateral-free nature is a particular feature which is going to be the dominating feature of the various loan options. This means that you do not have to pledge assets to get loans.
Moreover, it does not matter if you are applying for these loans as a tenant or a non-homeowner. However, it does not mean that you will not have to fulfil any lending requirements.
These conditions will vary from option to option, and you can explore each option individually.
· Loans without a bank account
How is that possible? This is because every loan comes with an eligibility condition concerning a bank account. Having access to it is crucial to qualify for loans.
There is an exception, i.e. doorstep loans like Provident. They do not need you to hold a bank account. This will not be treated as your ineligibility.
These loans have been designed in such a manner that you can receive loans at your doorstep. Thus, you do not even need a bank account to receive an approved sum. Moreover, this funding solution does not require any collateral.
They are short-term loans which can be used to handle any small exigency. A loan agent will visit your home to help you apply for loans. Another one will deliver the approved sum of cash.
· Quick loans
What should you do when you need speedy financial assistance? You can opt for these loans to get quick access to money. They can be an emergency funding option to meet urgent payouts.
Fast funding does not require you to put your assets at risk. They can be a perfect loan option to treat small and unplanned payouts. When a payout hits you suddenly, you cannot decide what to do.
These loans can help you save time, as funding can be approved as soon as possible. The approved money will be transferred online to your checking account. This ensures that you get fast access to the money you need badly.
· Bad credit loans
Poor credit scores often create problems when applying for loans. Traditional lending platforms do not entertain any application from a poor-credit borrower.
Low credit scores are considered highly risky. However, this is not going to happen in the case of a bad credit loan. There are online lenders who give more importance to your affordability.
If you can convince the lender that you can pay back on time, getting approval should not be a big problem. The best thing about these loans is that you can use them to meet important payouts.
Some of these timely payments will work in favour of improving your credit scores. Thus, you can take dual advantage of these loans in enhancing your financial condition.
· Loans for home improvement
If you have an unplanned home repair work to complete all of a sudden, you can get financial assistance. Apply for home improvement loans even with bad credit.
They are easy to obtain once you send an online application. There is no need for you to stand in line for hours to meet anyone in the bank.
Fewer details will be required that can easily be provided in the online form. Since you will be opting for these loans with bad credit, you can get access to a smaller amount.
Moreover, you do not have to pledge any asset. Therefore, if you want to get a larger amount, you must provide collateral. Understand your necessities and find out how much you should borrow.
· Unsecured personal loans
This is the typical loan form that helps you get an amount approved without the involvement of assets. No purpose will be specified, and you can use the approved loan amount for any necessity.
You will be free from the worry of losing assets. However, it does not certify that you can miss loan payments, as this will be unacceptable for the lenders.
Late charges will be levied on you for missing loan payments. Moreover, defaults are usually added to your credit reports. Then, the borrowing cost will increase, and you might face difficulty in borrowing money later.
· Loans for the unemployed
It is easy to assume that getting approval is difficult when you are jobless. The lender always needs a steady income source to get approved for loans.
Direct lenders have a different set of requirements that can allow you to apply for loans without a job. Here, you must fulfil one condition, i.e. to have any source of steady income.
These loans accept any form of earnings, which can strengthen the chances of loan repayments.
The bottom line
When you are looking forward to getting loans that do not need collateral, you must explore the lending market. There are options available which can be helpful in different types of scenarios.
Caleb works as a senior content writer at Loanstopocket for the past 3 years. He is a writing enthusiast and invests a good time in exploring and writing about financial trends. His keenness in exploring a topic to create a research-based piece is simply unmatched. He believes in including a texture of authenticity with real-time examples and facts.
Caleb’s blogs and articles reveal deep-seated knowledge and expertise. His educational qualification forms the base of his excellent command over the industry and Jargon. He is a postgraduate in Finance and is currently involved in exploring the world of the stock market.
