Amara walker February 24, 2023

Are credit scores significant in all types of borrowing? The answer to this would be ‘no’. It is because this aspect will entirely depend on the lender who will handle your loan request.

In the case of a direct lender like Quick Irish Loans, you will see a completely different approach. They are reluctant to validate how your credit scores are. On the other hand, their main emphasis is on offering loans after making sure about your affordability.

It will remain exact even when you apply for fast cash loans in Ireland. The lender will give out a clear indication that they do not pay attention to your scores. If your current financial condition seems convincing, they will readily give you access to funds.

These loans are your saviour when you are out of funds and struggling with credit scores. However, it does not mean that the lender will straightaway give you the money. Standard eligibility criteria will be applicable in the case of these loans.

Besides, you will have to go through a process after which the lender can decide and offer loans. Would you be interested to know about the process? Do not stop here and keep reading.

How the process goes about without a credit check?

The working procedure of a direct lender is dissimilar from that of a conventional lender. They act fast once receiving a query. For this reason, getting a decision is not a matter of long hours with them.

Since they do not spend time validating your credit background, the process becomes faster. How do they operate? Find it on your own.

Soft search over the hard assessment

They do not carry out a hard check like typical lenders. Instead, they review the recent bills and financial transactions of the loan applicant. It is enough to validate the current financial status of the borrower.

A direct lender will assess the affordability parameter of the borrower. They do not care if you have past credit history. Their only focus is ensuring you can repay loans on time.

Obtaining repayment confirmation is their only concern. The process of evaluation is a soft search. It will leave an imprint on your credit profile. It means the information about this assessment will not replicate on your credit report.

Saying ‘no’ to collateral

Now, you know that money loans in Ireland need no credit check. Another exciting fact is that it does not even require collateral from your end. You can get it like any unsecured financing option.

It means the lender has not created any restrictions for tenants and non-homeowners. Sending out a loan request does not need you to possess costly assets. It can be the other way around too.

You can totally skip the idea of putting your assets to risk at the time of borrowing. Above all, any non-payment will not cause you to get rid of the possession also. This is indeed a significant relief for someone who wants to pledge assets for the loan.

Furthermore, it is liberating for someone who was not able to get loans with no assets. It is happy news for borrowers struggling with money and looking for ways to get some respite.

Some lenders might not even ask for a guarantor also. If your present financial stature proves you can afford loan payments, the lender does not feel the need for another person to fulfil the repayment responsibility.

Facilitates easy application

The usual process of loan application in a bank or lending institution takes place offline. For this reason, it is a time-consuming and lengthy process. With direct lenders, you will not have to experience any such thing.

You can directly visit their website. It will give you access to the online form for application. No hard copy loan form is essential in this process.

You can fill out the form online. Lastly, you must not forget to cross-check your details before submission. Once you submit it, no rectification will be possible from your end.

The lender will straightaway reject your application if your application includes false information. Therefore, you must sit calmly and quietly while putting your details in the application form. You need not have to give yourself much time, as the required details are very few.

Provides decisions in a matter of minutes

Maybe, you had a terrible experience after applying for loans with a bank. It is because they usually take a lot of time to provide you with any decision. Direct lenders will surely not disappoint you.

They focus on a few vital things like eligibility, affordability, application and repayment. It shows they do not like to deal with too many things at one time. They make sure about affordability before sending out the loan proposal.

Once you accept the proposal and agree to their terms and conditions, they will get back to you with a decision without much delay. In fact, they will inform you about every step and status of your application from time to time.

Once taking the final decision in favour of approval, the lender will make sure to transfer the loan money into your checking account. If everything goes well with your application, you can even expect to receive a decision on the very same day itself.

In addition, the lender will not even interrogate you regarding loan usage. You will have to decide how you can make the most out of these loans. Stay away from making unfair use of loans for purposes that are not a real crisis.

Utilising loans for luxury purposes can push you into a complicated financial situation. You need to be very careful about ways to use loans.

The bottom line

You must have been able to figure out how credit scores are the least important factor when you are applying with a direct lender. Not only will you get relief from hard checks, but also they will ensure you hand over loans as early as possible. It is really an unexpected blessing for you.