Payday Loans Ireland – 5 Quick & Instant Irish Payday Loans Online in 2021

Perhaps you misplaced your wallet and need money quickly to pay your restaurant bill, or you have an emergency medical bill prompting the need for immediate funding. Small monetary payments might occasionally become the source of long-term unbalance.

However, Ireland’s quick, fast, and reliable same-day loans address the borrowers’ financing concerns and provide immediate answers with prompt money disbursement. Contrary to traditional financing, payday loans are primarily the product of private lenders, known for their flexibility rules.

Table of Contents

Best Payday Loans Ireland 2021 – Quick-Pick:

  1. Avant Money – Best for Short-Term Rates
  2. Jordan Estates Limited – Best Option With No Hidden Fees
  3. Umbrella Credit – Best for Faster Loan Processing
  4. KBC Personal Loan – Best for No Setup Charges
  5. Zopa Personal Loans – Best for P2P Lending
Loan Amount Loan Terms  APR Range Loan Fees Customer Support
Avant Money $2,000 – $35,000 2 – 5 years 9.95% – 35.99% up to 4.75% Yes
Jordan Estates Limited €100 – €600 20 – 52 weeks 194.10% €37 – €222 Yes
Umbrella Credit €100 – €600 25 – 50 weeks 152.3% – 143.1% €5 – €30 Yes
KBC Personal Loan €5k-€50k 1-5 years 6.3% No Yes
Zopa Personal Loans £1,000 – £25,000 1-5 years 2.4% – 34.9% No Yes

What Are Payday Loans?

A payday loan is a quick loan in which lenders achieve high loans based on your income. The principal is frequently computed as a percentage of your expected profits in the future. Payday loans have interest rates since they are intended to be used for quick, short-term credit.

Payday loans are unsecured loans since they have high-interest rates and no security requirements. They are also referred to as predatory loans since they have high-interest rates, do not consider the user’s creditworthiness, and contain hidden clauses that incur additional fees. These loans may bind people in debt—please check into safe personal lending options when choosing a payday loan.

How To Qualify For Payday Loans Ireland – Eligibility Criteria

According to the Consumer Financial Protection Bureau (CFPB), the following are some requirements needed by payday lenders.

  • To apply, you must be over the age of 18.
  • You must provide evidence of income and a valid identification card.

Many payday loans are only accessible for a few weeks at a time. When the repayment period elapses, the client can pay it off or authorize the lender to cash the post-dated check or take the money from the consumer’s account.

Common Uses Of Payday Loans Ireland

1. To Pay Your Holiday Expenses 

Christmas may be a good time for direct lenders. Parents become agitated during this period as they try to buy everything their children want. Payday loans are common because they appear to be the cheapest choice. You may quickly obtain the funds you need for the holidays and repay them the next year, especially after accumulating some assets.

To some degree, it appears sensible; nonetheless, parents typically borrow much more than they can afford. They give their children practically everything they want but fail to keep them out of debt. Although birthdays might be stressful, Christmas comes out on top because there is an element of enchantment that children associate with it. It’s difficult to explain to a child that you can’t afford to buy gifts on such occasions

2. To Repay Mortgages 

Between getting a payday loan or falling behind on your mortgage payments, which one is worse? Many people would argue that the latter is the worst option because the mortgage creditor will start feeling that you cannot make the payments.

As a result, if you continue to make late payments, they can pursue legal action against you. In this case, there are two options to consider. You may talk to your mortgage lender about a more suitable payment plan or downsize your living area. In any case, you won’t need to apply for a further bad credit quick loan to keep up to date.

3. To Foot Out Medical Emergency 

If you do not have medical insurance, a medical emergency will always be costly. Depending on the type of medication you take, it might range from $2,000 to $100,000.

It will incur interest if you do not pay the payment right away, just like any other loan. Even so, it may be expensive. Medical issues are undoubtedly one of the most popular reasons people seek out payday loans or short-term loans. On the other hand, Obtaining health insurance is the most straightforward approach to deal with the problem.

4. Payment of Bills 

Paying off high-interest debt is one of the most popular reasons individuals take out payday loans. People should search for other methods to reduce their energy expenses rather than loan the money. The most efficient approach to achieve this is to reduce your energy use. Instead of squandering money on gasoline, you might invest in more excellent home insulation.

Furthermore, thicker curtains help keep your home warmer without requiring any expensive alterations. Alternatively, you may save water by shortening your showers.

5. For Debt Consolidation

Without a doubt, most people who use payday loans do so to pay off another debt. You can utilize the loan to repay a debt from another firm. It might also be a debt from another source, such as a credit card.

In this instance, seeking a payday loan may be necessary, especially if the interest rate quoted is lower than what the consumer owes on the other debt. The estimated amount of interest, however, is not always totally correct. Extra costs that may add up to a significant fee that is difficult to avoid are often excluded.

Instead of taking out a payday loan, consumers should consider debt consolidation. This program will consolidate all of your bills so that you can pay them off quickly—far less hazardous than taking out a payday loan.

Best Payday Loans Ireland – Fully Reviewed

1. Avant Money – Best for Short-Term Rates

Avant Money is a Dublin-based money lending company with over 250 staff who have been serving the Irish for more than twenty years now.

While Avant Money tops the list of money lending institutions with better market rates, they may be restricted to only a few borrowers, for each specific mortgage type.

That said, borrowers can only access Avant Money in about 71 percent of the Ireland homes.

  • Galway, Waterford, Dublin, Limerick
  • Wexford Town, Athlone, Kilkenny City, Carlow Town, Portlaoise and Dundalk

Any borrower looking for loan options in Portarlington or outside the town of Carlow won’t be able to access the loans. This might be a hindrance to most borrowers but they definitely should find better options available to them.

Unlike most payday loans in Ireland, Avant Money seems to be a bit strict when it comes to their credit policy. In other words, bad creditors may not be welcome to apply for the Avant Money loans and should definitely look for other options.

And as part of their eligibility criteria, Avant Money doesn’t allow borrowers to borrow over 3.5 times their earnings, though you will still find some payday loan portals in Ireland allowing this. That said, these mortgages are usually referred to as “exceptions” due to the Central Bank lending restrictions.

Additionally, Avant Money ensures that their borrowers have enough deposit in their accounts, and that the funds aren’t originating from the bank accounts of your parents. In other words, Avant Money will not consider gifting money, though some lenders will still allow borrowers to use such funds.

At Avant Money, you can find both short or medium fixed rate loans and long-term fixed rate loans. You have the option to choose either of these, depending on your needs and what you’d want to do with the loan.

Avant Money is loved by many people because it offers flexibility in repayment periods—with repayment periods going up to 25 years. These loans have grown in popularity across Europe and not just Ireland because of the flexible repayment periods.

Lastly, Avant Money and Finance Ireland have partnered to allow overpayments, home moving and even capping exit fees.

Pros 

  • This is one of the best loans in Ireland if you’re looking for short term rates of 3-4 years
  • Avant Money provides the best medium and long-term fixed rates of between five and thirty years
  • This is one of the few loan provides offering a long fixed rate period
  • Borrowers are allowed “locking in” of their immediate low fixed rates

Cons

  • Restricted in most of the regions
  • They have a tight credit policy, making it hard for most borrowers to get accepted

2. Jordan Estates Limited – Best Option With No Hidden Fees

On 1st November 1941, Jordan Estates Limited was established in Louth. When you check out their directors, you’ll realize that they previously or were former workers of Eight Irish companies. However, Six of those companies are now closed, while Jordan currently has two shareholders. 

Jordan Estates Limited is an Irish-managed company that is keen on proving that home credit service is fair if its principles are maintained. The company was formed under the principle of fairness, affordability, finance, and excellent customer service. 

Since Jordan Estates Ltd was established back in 1941, the company has accumulated wealth through knowledge of the credit industry and how to deal with customer expectations effectively. As its principle suggests, Jordan company is keen to see that their customers always receive the best services. 

Jordan customers are encouraged to know the distinction, advantages, and disadvantages between saving and borrowing through carefully and strategically implementing their programs. Jordan Estates offers customers straightforward credit service and excellent customer service to help those who need help. 

Pros 

  • Has flexible loan systems that are helpful
  • Its application procedure is easy and time-saving 
  • The interest rate doesn’t change when your loan is in process
  • It does not have hidden costs
  • They make loan deliveries within days
  • Their friendly agents visit your house every week to get the repayments

Cons 

  • It’s strict with its credit rating 

3. Umbrella Credit – Best for Faster Loan Processing

The Umbrella Credit is an Irish-based company that’s regulated and managed by Ireland’s Central Bank. The company understands that emergencies need immediate reactions and solutions in life, and so their work is to help you solve your problems by issuing loans. 

At Umbrella Credit, users can quickly request  €100 – €600 to take care of their emergencies. You can sometimes get more significant amounts, but you’ll have to have a good and long track record of loan payment with Umbrella to enjoy this privilege. The company follows procedures as they carry out credit checks to evaluate whether or not you qualify for a loan. 

Umbrella offers quick solutions through short term-cash as their loans are meant to be a continual source of finance or a solution to financial problems. They encourage everyone not to apply if they feel that they are sinking into bad debt. 

Pros 

  • Once you fill in  the forms and you qualify, the issue up to €600 a day
  • You don't have to wait for a bank letter
  • It doesn’t  have secret charges

Cons 

  • It requires you to have a debit card account

4. KBC Personal Loan – Best for No Setup Charges

KBC Personal Loans is an Irish lender offering borrowers loans of between €5k and €50k with an APR of 6.3%. They have flexible loan repayment terms, and borrowers who’d want to repay their loans early are free to do so. But that’s not all—KBC Personal Loans offers a simple credit service with no hidden fees. 

On 22nd October, KBC Personal Loans partnered with the Bank of Ireland. Ideally, this means that the Bank of Ireland has acquired all KBC’s loan assets, including consumer, commercial loans, and mortgages. According to KCB Personal Loans, customers don’t need to take any actions, and further communications will be provided in due course. 

Unlike many other lending ways, the KBCs application process is straightforward. However, you may be asked to avail of some documents before you can secure your requested loan amount. These documents help KCB Personal Loans to verify your identity and to ensure they can recoup their loan. If you’re applying for a loan to repay another loan, KCB Personal Loans may require the initial loan statement.

Pros 

  • Customers can get flexible loan amounts
  • There are no hidden fees like other lenders 
  • Not as high APR as other lenders—6.3% sounds fair considering other payday loan businesses

Cons

  • The Bank of Ireland takeover has brought so much confusion among customers

5. Zopa Personal Loans – Best for P2P Lending

Zopa was formed in Buckinghamshire in 2004 by a group from Egg Banking, a digital banking business. It enabled UK investors to enter a lending’ marketplace without requiring a commercial institution such as a bank to act as a middleman. Zopa stated in November 2016 that it would seek bank licensing. In May 2017, it was entirely regulated by the Financial Conduct Authority.

Zopa offers unsecured private loans, which are centered on your ability to repay. The rates vary depending on the client; you’ll need outstanding credit to receive the promised cheap APRs.

The interest rates are fixed for the period of the loan term, but the rate you are granted will be determined by criteria such as the amount you apply for, the length of the loan, your credit score, and your earnings.

If you’re interested in peer-to-peer lending, you should look at what Zopa has to offer. Loans are limited to £25,000 and have fixed interest rates for up to five years. If you want to pay early, you will not be penalized with early payment costs. However, you should double-check the interest rate given to you because it may change from what first piqued your interest.

Pros

  • Loans ranging from £1,000 to £25,000 are available.
  • Your monthly payments will not fluctuate if you have a fixed rate of interest.
  • There are no penalties for making early repayments.
  • It was the best platform in 2020 as it received  4.5 out of 5 stars from the Finder Customer Satisfaction Awards.

Cons

  • There is a delay for cash disbursement after applying—it can take up to 5 days.
  • Joint applications are not accessible.
  • Loans are unsecured.

Payday Loans in Ireland Country Regulations 

Suppose you want to practice money lending in Ireland, you have to maneuver your way through a strict application process placed by the Republic of Ireland. And so, to qualify as a lender, you're supposed to be charging 23% interest. 

Borrowers are protected under various legislations and statutory codes, such as the European Communities Regulations 2010, The Consumer Credit Act of 1995, the Central Bank of Ireland’s Consumer Protection Code 2012, while the lenders’ applications are reviewed by the Central Bank. 

States in Ireland Where Payday Loans are Available 

State laws, together with Government guidelines, have taken control of payday loans in recent years, and in Indiana, Ireland, it's no different. 

To get more acquainted with the policies and set out rules, you'll have to check the country's statutory regulations to know how it works, in each state. 

Additionally, you need to ensure that you're familiar with the interest rate charged depending on the money you’re requesting. 

That said, below are some of the states where you can apply and secure payday loans in Ireland: 

  • Indiana 
  • Dublin
  • Drogheda
  • Galway

Local Loan Stores in Ireland 

Different countries have different loan stores, and the Republic of Ireland is no different. Payday loans are short-term loans based on loanees' cheques withheld for upcoming deposits. Loanees write individual cheques for cash requested and finance charges and get some money. 

It's the responsibility of lenders to have the cheques until loanees' next payday, where they can pay the finance charge in one lump sum. Loanees can redeem their cheque by issuing the loan with cash or ensuring the cheque is deposited at the designated bank. 

That said, below are some loan local stores you can find in Ireland: 

  • Umbrella Credit Loans
  • Chill Money
  • Jordan Estates Limited
  • Clann Credo - Community Loan Finance
  • Morses Club

Types of Payday Loans in Ireland

Payday lending companies specialize in check advances, cash advances, post-dated check advances, and deferred-deposit loans. While acquiring loans from these companies is simple since they seldom check applicants' credit histories, their interest rates are exorbitant. Payday loans come in the following varieties:

No Credit Check Payday Loans

A no-credit-check loan, also known as a no-credit-check-instalment loan, is a lending service that does not conduct a credit check on its users. Many consumers with a poor credit history are drawn in by no-credit-check businesses.

These loans have hefty interest rates; in certain situations, the rates might exceed 400 percent. The rates are far higher than those charged by credit unions and other internet lending providers. As a result, before taking out a loan, consider all of your alternatives and be aware of any financial hazards you may face.

The no-credit-check loan option may appear to be the ideal source of quick cash at first sight, but the devil is in the details. The high-interest rates will result in large payments, which can easily trap you in a debt cycle. In addition, there are severe consequences for failing to pay on time.

Payday Loans Bad Credit

A bad-credit loan is intended to assist consumers with poor credit ratings in gaining access to financial services. These loans, on the other hand, have set interest rates and are paid in predetermined installments. To decide if you qualify for such a loan, lending organizations look at your credit score, credit history, and debt-to-income ratio.

Every lending institution has its conditions for loan request acceptance and price, such as credit score criteria. This makes it difficult to determine the exact APR they'll charge you for a personal loan if you have an adverse credit history. Personal loans can have interest rates ranging from 5.5 percent to 36 percent. However, if you have a poor credit history, you should expect higher rates in this range.

Guaranteed Payday Loans

A loan guarantee is a pledge made by one party to cover the borrower's financial obligations if the borrower fails on the loan. The guaranteed loan might be restricted or unrestricted. On the other hand, the guarantor will only pay a part of the failed debt in a small situation. Simultaneously, the limitless guarantor will pay the whole defaulted loan amount.

A loan guarantee is a legally binding agreement between a private lender, the government, and a borrower that the government will be responsible for the borrower's financial obligations if the loan is not returned.

Guaranteed mortgages, payday loans, and federal student loans are outstanding examples of guarantee loans.

Payday Loans Direct Lenders

Direct lending is a type of corporate debt financing. Banks and other lending institutions interact directly with borrowers rather than through a broker, investment bank, or private equity firm.

Direct lending facilities include credit unions, banks, and major lending businesses. You'll deal with loan officers, underwriters, processors, mortgage closers, and funders who all work for the same company when dealing with direct lenders. Loan officers are the financial organizations' sales staff in the industry of direct lenders.

Payday Loans Same Day Deposit

Loans that can be sent or withdrawn on the same day are known as same-day deposits. They are deposited into the applicant's bank account directly. However, the majority of consumer deposits are not same-day cash since customers must wait at least one day to get their funds.

The Federal Reserve's rule CC mandates that banks and other lending institutions inform clients about the fund's existence and any regulations that may apply. On the first business day after the banking day of the deposit, the applicant can access their funds using services such as cash deposit, wire transfer, direct deposits, or government checks.

Payday Loans No Employment Verification

The no employment verification loan is a short-term, unsecured loan that microfinance organizations usually offer. Borrowers do not need to be employed to be eligible for a loan in this case. Instead, the loans are qualified based on the applicant's prior income and job history. The terms and interest rates for payday loans vary depending on the lender. To combat loan sharking, authorities have reduced the annual interest rates charged by payday lenders.

Easy Approval Payday Loans

Easy approval loans are short-term loans that must be repaid quickly (mostly on your next paycheck). Because the lenders rarely verify the applicants' credit history, these loans are well-known for readily available to borrowers. Nonetheless, these loans have significant drawbacks for their borrowers. Some, for example, have an annual percentage rate (APR) of 400 percent.

Choosing a loan choice with a straightforward approval process is the most accessible way to get a loan. Withdrawing cash quickly through a home equity line of credit, a credit card cash advance, or relatives and friends are all options.

Payday Loans That Check Your Online Banking

Users may manage their money through online banking from their computers as long as they have internet access. Users may transfer money, pay bills, and so on using online banking on their cellphones. This method employs online confirmation accounts, which provide quick access to your funds.

Unemployed Payday Loans

An unemployed person Payday loans are short-term cash loans with high-interest rates dependent on the borrower's monthly pay. Its repayment principle is generally based on a proportion of the borrower's monthly salary (monthly).

Unemployment loans may harm your finances because they have high-interest rates, making personal loans more affordable to help you stay afloat. Unemployed people can also apply for a loan, but they must show that they have alternative sources of income.

Advantages and Disadvantages of Payday Loans 

Advantages 

1. Less Credit Scrutiny 

Unlike conventional loans, most payday lenders do not do a complete background check on your credit histories. Furthermore, because they will not verify your creditworthiness, there will be no strict credit queries, which might substantially lower your credit score.

On the other hand, payday loans will not assist you in increasing your credit score so that you may access higher-quality financial products in the future.

2. Two Weeks Cooling Period 

Payday loans are governed by the Consumer Credit Act of 1974, which states that you have 14 days to cancel the agreement if you are unsure about the choice to take the loan.

If you terminate the loan, you must refund the principal as well as the accrued interest. The lender, on the other hand, will be required to repay any fees that you paid.

3. Fewer Requirements 

Payday loans, in general, have low prerequisites and lax rules, making them simple to get. On the other hand, most traditional loans will need you to provide your security number, a photo ID, evidence of income, a credit verification, and an examination of your capacity to pay back the loan.

Below are the only requirements needed to qualify for payday loans.

  • You must be at least 18 years old.
  • Provide a valid ID or Social Security number.
  • Have a job or another steady source of income
  • You must have a checking account

Nevertheless, different conditions, such as authorization to visit your account, could be applicable in some situations to improve ease for the client and the lender during the loan time.

4. Easily Accessible 

The main benefit you're likely to encounter while looking for payday loans is their accessibility. The majority of cash advance loan firms promise money availability within 24 hours and immediate lending feedback. Moreover, other lenders have moved all their services online, allowing applicants to access them 24 hours a day, seven days a week.

Unlike other loan servicers, which need a lengthy application procedure, the payday request takes just a few minutes.

5. No Collateral Needed 

Unlike traditional loans that require private possessions as a loan guarantee, typically, payday loans are unsecured. As a result, if you fail to return the loan on time, you will not lose your property.

Nonetheless, lending companies may frequently need access to your checking account so that they can electronically remove the installment when it is due. However, if your account is insufficiently funded, the payday lender will either send debt collection agencies to your home or sue you—either way, you'll have to repay.

Disadvantages 

1. Can Be Super Expensive 

Payday loans are frequently expensive—some lenders charge exorbitant interest rates of up to 1,500 percent APR, resulting in astronomical borrowing costs. Fortunately, there are various loaning choices with low-interest rates that you can investigate.

2. Are Considered Predatory 

Most people consider payday lenders exploitative since they target those with low credit ratings and low incomes. Furthermore, they have a horrible reputation for being merciless when it comes to chasing unpaid debts. And, while the lending sector is currently more monitored than in the past, it is still vital to consider other options before taking out a payday loan.

3. Access to Your Bank Account 

Most payday lending companies require repayment via Continuing Payment Authority (CPA) as a condition of their loans, even though this is unnecessary. It allows them to withdraw their payments straight from your account regularly. Furthermore, while you may revoke their access at any moment, most individuals find this need to be ludicrous.

4. Fishy Collection Practices 

Several payday lenders are notorious for using extreme debt collection tactics. Most have been linked with questionable behavior, such as sending threatening communications to debtors to frighten them into paying the debt without fully comprehending all of their choices. However, the Financial Conduct Authority (FCA) now strictly regulates this business.

5. Target the Minority

As per the Center for Responsible Lending's 2016 research, most payday lenders target minorities in the neighborhoods. According to the survey, there are around 8.1 payday businesses per 100,000 individuals in Latino and African American areas, but most white neighborhoods only have about four for every 100,000 persons.

How to get Payday Loans Via Viva Payday Loans

Below is a step-by-step process of how you can get payday loans via Viva Payday Loans:

Step 1: Visit Viva Payday Loans

The first thing you should do is go to Viva Payday Loans. The website's design is straightforward. To begin the application, click the "Apply Now" button on the right side of the screen.

Step 2: Complete The Application Form 

Fill out the online form with your information, including your name, monthly salary, and anticipated costs.

Step 3: Get Your Decision 

Wait for approval once you've finished the form—approval takes around two minutes. We will still notify you if your application is denied.

Step 4: Receive Your Loan 

You will be asked to sign a loan agreement if your request is approved. Before signing the loan agreement, be sure you understand the terms and circumstances. Within 24 hours of receiving the completed loan agreement, we will deposit funds immediately into your account.

Conclusion – Best Place to Get a Payday Loan 

We are frequently cash-strapped, and payday loans might assist you in handling unforeseen bills in these times. Our top-ranked payday loan platform, Viva Payday Loans, allows you to apply for loans of up to $50,000 in only a few minutes. Simply go to their website and fill out the online loan application form to get started.

Request Your Payday Loan at Viva Payday Loans

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