Amara walker September 3, 2022

Everyone shares dreams; yes, they do not come with an expiry date.

Unfortunate events like unemployment leave one in a mess with aspirations and meeting the needful. Multiple reasons could probe one into facing hardships like these. Under dire circumstances like rising pending bills, repayments, school fees, etc., dreams take a back seat.

One often falls into the pool of sadness, encountering no visible solution.

However, before quitting on these goals, analyze:

  • Why did you dream of it in the first place? What worse could happen if you leave the goal in the mid?
  • Are you acting on impulse rather than being practical? 
  • What kind of lifestyle do you wish to enjoy with your loved ones? Is it worth giving up?
  • Could you do anything to reduce expenses and meet goals?

One should improvise on these aspects before finally quitting. Every person in the house wishes to keep up with the wishes without debunking.  

What if you can achieve this without missing the track?

Yes, there are multiple ways that you can achieve things without bothering about the cash slowdown.

Here are some ways you can achieve your aspirations regardless of your employment status:

Loans for unemployed individuals in Ireland

In the situations where anyone gets jobless out of dire circumstances like- pandemic impact, issues, or business shutdown, financials begin to trap. The bills, school fees, subscription fees, sudden medical examinations, and ongoing medical treatments begin bothering the individuals.

On top of that, bothering friends and family continuously do not seem like a plan. Falling financials not only impacts the family but the mental and physical state.  What if a dire need emerges out of nowhere? What would you do in that case? Resorting to the traditional ways would not help much; instead, switching to loans for the unemployed in Ireland.

These loans help one in the hour of need. These loans are ideal for individuals lacking a stable job option and bad credit. High-street lenders may not entertain the application. But what about the important expenses? How to meet all of these with no money at hand?

In this case, these no-obligation loans help. Lenders provide a confirmed loan to individuals on a minimum income proof. Any student or unemployed single mother, father, or retired person can apply and qualify for these loans just as easily.

For needs limited to £1500, it is the best option. Therefore, you can meet any small needs with these loans.

Unsecured personal cash loans in Ireland also is the most tapped loan offering. These work differently than Loans for the unemployed.

How do Unsecured Personal loans and unemployed loans help you meet different goals?  

If you are confused about which one to go for to achieve your goals, the below table will help you.

Unsecured personal loans in IrelandUnemployed loans in Ireland
These loans are ideal for short-term goals like buying a car, purchasing furniture, etc. without staking collateral.  In this, one can borrow for a good year. Anyone can apply for these loans.It is a specific offering for unemployed or jobless individuals. It aims at helping these people meet important demands without much hassle.
A credit score is the most important factor here. The lender lends loans basing credit scores on the affordability factor.In these loans, lenders prioritize income over credit score. Unemployed individuals generally suffer from credit issues. Hence if one could provide income proof in any form, he could get the loan.
One can apply for these loans for purposes like emergency medical issues, hosting a wedding anniversary party, planning a home renovation (minor)One can apply for these loans for urgent purposes only. The purposes include- mending a broken window, emergency medical purposes, repairing the leakage pipe
  These loans have competitive interest rates. However, in some cases, the lender may ask for a personal loan guarantee. It is in case the borrowing amount exceeds £10000These loans have competitive interest rates. These have quick turnarounds in which one gets the funds within 15 minutes in the account.
The documentation and credit screening process in a higher sum amount may be required.These are no-documentation loans for emergencies.
Have comparatively low APR than unemployed loansThese loans have shorter turnarounds and collateral -the free aspect of these loans makes them furthermore competitive.   However, if you pay these loans early, along with interest accrued, you may witness a jump in your credit score.  

So, this table might have helped you understand how each loan functions. If you have a good employment opportunity and income, unsecured personal loans could help. In this case, the lender focus on the revenue or the income as well as the credit score of the borrower.

One should always figure out the need first and the income status. Unemployed individuals may not qualify for these loans owing to credit issues. However, in special criteria, one could. It could be possible either by having a guarantor, collateral, or a personal guarantee over the loan. A personal guarantee can be a person or a personal asset over the loan to get a higher amount here.

It is one of the ways to open the door to your dreams and fulfil those without delay. However, the wish list does not end here. Owning a car is an expensive process to sail on the dreams.

Now, nearly 89% of individuals wish to drive the car of their dreams regardless of their employment status.

However, you do not need to wait any longer.

How could one get car finance while unemployed?

However, qualifying for car finance as an unemployed individual is tricky. The reason is – car finance requires a good credit score and income source as affordability proof.  

And non-repayment may further impact the credit score. However, some lenders offer car finance for unemployed individuals in Ireland.

These lenders specifically deal with low-credit profiles and work out a suitable solution. The lender helped draft an affordable repayment plan that one could avail at income source. You may qualify for the loan if you are married and your spouse works. However, lenders do not approve every application owing to the risk involved. Thus, evaluate your circumstances before taking car finance for the unemployed in Ireland.

Bottom line

So, this is how you can meet all your goals regardless of your employment status. However, one must be conscious of the repayments and ensure enough to pay comfortably.