Unsecured Loans

Unsecured loans are available from the banks in Ireland. It is likely that you will need a good credit rating to apply for an unsecured loan. Unsecured personal loans are a popular way of borrowing money. Unlike with a secured loan it is not necessary to provide an asset as collateral for the security of the loan. Depending upon your credit rating you should be able to borrow between Ä1500 and Ä40,000 over a period of one and seven years. In some cases it may even be possible to borrow over a ten year period. As with all loans it is worth keeping the amount you borrow to a minimum as the repayments on large loans can become extremely expensive. If you are unsure about the type of loan you want it is worth seeking expert financial advice. Any loan you decide to take out will come with serious financial obligations and getting into debt is best avoided. Make sure loan repayments are made on time and it is essential that you read the terms and conditions.

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Make sure that unsecured loans are what you are looking for

When you consider whether to borrow money, you need to think about all options. Interest rates, the amount you need to borrow, terms of repayment and your current circumstances can all have a significant impact on your loan choice. And you'll find that there are many loan options, too - each designed for a specific borrowing purpose. You'll want to be certain that the loan you're applying for is the one that best matches your borrowing needs.

How unsecured loans work

When you apply for a loan that is unsecured, the lender believes that you can repay the loan on the basis of your financial resources. Granting the loan is not based upon "collateral" - meaning that you do not have to give the lender rights in a specific asset, like your home or car, as security in case you become unable to repay.

Unsecured loans can be used for a variety of reasons

Unsecured loans are used primarily for small, short-term expenses, such as medical crises or wedding or funeral costs. They are usually intended to be paid back within about a year, though the terms can vary depending on the amount at issue and the relationship between the lender and the borrower. When borrowers do not have a lot of valuable property, pursuing an unsecured loan may be one of their only ways of getting access to needed funds.

Is an unsecured loan right for me?

If you want to borrow money for a specific purpose or unexpected expense then an 'unsecured' personal is probably the best solution for you. You should not consider taking out an unsecured loan unless you are 100% certain that you will be able to afford the monthly repayments. Although your home is not at risk with an unsecured loan if you default on the payments, you could end up in court with a big legal bill AND your credit rating will be severely affected. Missing payments will have severe consequences and will mean you struggle to obtain credit in the future.

Are you eligible for an unsecured loan?

There are a variety of unsecured loan providers in the market each with different eligibly criteria and interest rates. The amount you borrow, duration and your personal circumstances will determine the interest charged on your loan. If you have a good credit history, you will be more likely to receive the best rates as you are not a high risk and more likely to be able to make the monthly repayments. Unsecured loans can be risky for loan providers. There is no security in place to reclaim their funds should you default on your payment. If you have poor credit history, you should ensure that you only apply to those providers that accept applicants with bad credit. If you are in any doubt then you should seek independent financial advice.

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