Amara walker February 16, 2023

Sometimes, one needs urgent cash regardless of the cash in the bank account to meet the repayments. And here, one searches for nearly every possibility to get that no-obligation cash quickly. This is where individuals get stuck between choosing a direct lender or loan shark for immediate help.

To your astonishment, many people prefer loan sharks over lenders owing to limited restrictions to gaining instant help. However, one must not oversee the interest and loan costs that are far more competitive than what direct lenders offer. Loan sharks do not operate as legal entities in Ireland. In contrast to this, borrowing with direct lenders is usually straightforward.

Loan sharks may offer you good soundbites, like offering high chances of approval. However, it is always better to research direct lenders for your need. Loan sharks may seem friendlier while providing you with the needed help, but borrowers usually feel pressured into borrowing more money than needed.

When borrowing quick money loans on the same day in Ireland, which facility is the best to resort to? Let’s analyse:

Private Loan sharks Vs. Genuine direct lenders: Definition

Private Loan sharks

Most firms offer financial goods and services on credit, lend money to consumers, or provide debt plans and suggestions regarding consumer credit products. Here, someone engaging in unlicensed products and lending criteria is a private loan shark. These firms primarily prioritise profit and operate without a consumer credit license.

Direct lenders

Direct lenders are legally operating entities in the country that assist borrowers with immediate financial solutions. Borrowers share complete dominance over the loan application and terms with direct lenders. They never pressure borrowers into committing to a financial agreement that may impact their budget bottom line. Direct lenders prioritise personalised dealings and customer comfort above anything else.

Private Loan sharks Vs. Genuine direct lenders: Paperwork

Private loan sharks

Many loan sharks offer and confirm the loan without any tangible paperwork. They are more concerned about easing up the deal for the customer to accept the loan deal.

Direct lenders

Direct lenders also prefer a paper-free loan agreement. However, it does not imply that you do not share security. Here paperless imply an online loan sanction process without much documentation requirement. After agreeing on the terms, they provide you with a detailed agreement by mail stating the loan terms and repayments clearly. This facility goes missing with loan sharks. Here, you receive a no-obligation agreement that you may reject within the 14-day cooling period.

Private Loan sharks Vs. Genuine direct lenders: Interest rates and APR

Private loan sharks:

The loan terms, interest rates, and APR (overall loan costs) are unrealistically high when you approach a private loan shark for a loan. It would help if you had money instant regardless of the financial situation, but always analyse the terms before committing to the agreement. Know whether the shark offering the loan has been operating for a long time. Read the reviews before agreeing to the loan agreement.

Direct lenders

Direct lenders evaluate the person’s finances, interest rates, and outgoings before drafting the loan agreement. Each loan application approval is personalised, centralising the affordability factor. We at QuickIrishLoans help customers fetch a sum that does not burden the bottom line. To ensure this, we offer flexible repayment tenure and never force anyone to accept the agreement or pay forcefully.

And grant complete freedom to explore previous customer reviews to understand the same better. With us, you can sit back and relax throughout the loan procedure as we walk with you at every loan approval level. APR or loan fees remain competitive as compared to other lenders.

Private Loan sharks Vs. Genuine direct lenders: collateral requirement

Generally, both private loan sharks and direct lenders generally avoid asking for collateral in instant loans. However, private loan sharks may pressurise customers into paying back the dues in whatever way possible. And this may imply tapping personal assets. In most cases, if a customer requires a high amount, loan sharks mandate the customer to provide a credit card, benefit card, ATM card, passport, or other valuables to secure the loan.

In comparison, direct lenders like us never ask for collateral on loans up to €15000. Instead, we rely on the customer’s ability and affordability to repay the loan within the agreed term. We understand that pledging a precious asset as collateral to get instant loans is unreasonable and risky for the customers. Hence, we do not ask for one and sanction urgent loans without any complicated eligibility criteria. 

When looking for instant cash, you would like to have the least hassle. However, do not miss the security aspect, or you may end up in a debt trap. Thus, to ensure healthy borrowing, you must avoid loan sharks. For this, you need to spot one.

How To Spot a Loan Shark Immediately?

You must be vigilant enough while dealing with someone who shares little knowledge about it. If suspicious, contact the firm directly to know whether the person works for them or not.

Identify whether the organisation exists or not.  Here are some signs to spot private loan sharks in Ireland’s marketplace:

  • Loan sharks primarily prefer to deal in cash. However, some deal in online payments too. Though; these are few.
  • Most loan sharks would avoid giving complete information about the loan or providing you with a written agreement
  • Tap personal possessions as a security for the loan before the agreed term completion. Genuine lenders do not do that.
  • Provide loans without any credit checks. It is too good to be true. Every lender must conduct a basic credit screening to provide loans
  • Charge high-interest rates and change terms anytime. You can never pay a loan this way.
  • They seem extremely friendly and may seem interested in your story.

Thus, these are some signs you are dealing with a private shark instead of a lender that is genuinely ready to help you. On encountering the same, switch to direct lenders for instant loans with flexible loan terms and payments. You can contact us anytime on the clock for quick loans for emergency purposes.

Bottom line:

Hopefully, the article helps you find the best way to get instant cash for your urgent requirements. While you may turn to private loan sharks for a no-obligation cash need, direct lenders may help you counter circumstances that may arise in case of non-repayment or financial difficulties along with safe lending.