Every loan product has some guidelines that reflect the policies of the lender. Few rules are according to the general rule of the finance industry, while few are on the discretion the lender. Whatever, at the end of the day, you have to complete each and every guideline. Loans without the guarantor obligation need several things from the applicant that are common almost everywhere in Ireland. The ultimate goal to get approval on your loan application, reach to its achievement after a process, which is unavoidable. Few things that lender may need from you should be in your good knowledge. Last minute chaos only causes delay and that should not happen when the need of funds is urgent.
Let us take a look below and know what you may need to PROVIDE or TO HAVE to qualify for no guarantor loans in Ireland.
A good credit score or good income status in case of bad credit
You know very well how important is the credit score when it comes to borrowing funds. Reflection of your financial behaviour, credit rating tells everything. If it is good, it can bring all the financial opportunities, and if it is bad, things can become pathetically difficult. Good credit score means 881-960 or above that, then approval is the easiest thing to achieve.
But, in case you are in the latter situation (bad credit) then something should be there to compensate this flaw. Online lenders have a different approach and they consider income status an important factor. If you want to get the funds without guarantor with bad credit, then at least, the current income status should be good.
Correct financial and personal details in application form
Every lender has an application form that the applicant fills to submit the loan request. This includes a few questions that are asked to take the idea of the financial situation or efficiency of the applicant. Income details like salary slip to bank details, these are surely not big and time-consuming information to provide. Same is the case with the personal details, which majorly include your address. In short, whatever information the application form needs, provide it properly. Most importantly, do not hide anything as the loan companies have access to the credit reference agencies. They can find out from there and thus, there is no benefit of hiding anything. Any default, delay, additional bank account whatever it is, just mention it honestly and precisely.
Loyalty towards the lender
Yes, every lender needs this from you. To process the loan application of an applicant, the lender needs some cooperation. Taking their phone calls is a good thing to do as they are working on your case and may need to call you to ask something. Besides, provide every information that they may need from you besides the application form. Also, once the approval comes and if you are not convinced with the rate quotes, then it is not bad to request a relaxation. Remember, in any case, it is not possible to force the lender to do drastic changes.
Every lender has some decisions on its own discretion and the deal that is offered is according to your own financial situations. If you mention about the other lenders that may give you better rate, then also it is of no use. The best thing is, do your research well and choose the lender when you are completely convinced about its rate and repayment policies.
Of course, the repayments on time
This is something every lender on this planet needs from its borrowers. No need to say that the no guarantor loans in Ireland or anywhere in the world have higher interest rate. Reason is the absence of obligation. To compensate the risk of lending money without any security or guarantor, the fund provider takes higher rates. But also tries to make the deal affordable with customisation. Pay your instalments on time as otherwise the lender has to send the report to the credit reference agency. Then comes to the threat of bad credit. Do not let this happen. The above points are worthy for your success in the approval of the loans without the guarantor. Finances are all about discipline and sensible decisions. Make them part of your life and nothing can go wrong then.