The new age technology has helped the borrowing process to evolve with time. Applying for a loan with a mobile phone is a prime example of it. Now, you would need nothing but a phone to get additional funding to overcome a cash crunch.
Imagine a situation where you cannot afford to waste time arranging funding. The easy availability of fast loans in Ireland can help you sail through it with a quick arrangement of money. The application mode has a lot to contribute to the speediness of the process.
Some lenders are committed to improvising the borrowing method for your good. You do not have to take the stress and wait for days to get access to loans. A simple gadget has revolutionised the loan application experience.
It can bring all the required information to your fingertips. You can experience a speedy decision-making process which should not take more than 60 minutes, simply by applying with direct lenders.
If you are still doubtful about the reality behind applying with a phone, this blog can challenge your thoughts. Read it to find what you were unaware of to date.
Grab this never-before-available opportunity
Have you ever thought of getting a loan by using your phone? This is not a hidden feature of your gadget but some advancement in the lending process. The loan provider has made their website compatible with phones. It helps you get through the hassles of the application.
The lender will not ask you to let go of any of the traditional loan advantages. Therefore, you can expect a lot of convenience from these loans.
1. Feasibility to apply at any time
When it comes to traditional lenders, following standard working hours is mandatory. Here, you are not a slave of the clock any more. You can also send out a loan request in the middle of the night.
You can access an online application when you apply with a mobile phone. It means there is no restriction regarding the time. The online form is available round the clock.
Use your device to enter the details in the form. Since it is usually a two-page form, you only have to attend to a few fields. Here, you can bid adieu to the hassles of visiting the branch, filling out a paper form and submitting the same at the bank.
This online process is time-saving for you. Most importantly, you do not have to wait for the right time to apply. The moment you realise a need can be the best time to apply for these loans.
2. Fast assistance but no collateral support
It is easy for you to think that the lender might ask you to pledge collateral to avail of speedy loans. However, the scenario will be completely different for you. These loans are unsecured funds with no demand for security.
You can be a tenant or non-homeowner with financial problems. This financing option will still be accessible to you. Please note that your tenancy status will not influence the speed of approval.
Your affordability will be the only influential factor in the approval process. The lender will not pay attention to assets if your affordable is notable. Collateral will be a requirement in the lending process if you want to borrow a significant amount of money.
3. Loans to exploit you with freedom of use
Any urgent financial requirement will need this type of loan. The quickness with which the lender will attend to your application is unachievable with other lenders.
The lender will have no compulsion to let you use the money for whatever purpose. It is your responsibility to have a definite purpose for getting these loans. Stop yourself from getting these loans for a luxury purchase.
Reasons other than unavoidable needs cannot define a meaningful purpose. You need to be cautious about it. Settle pending bills, house rent, medical payouts, school or college fees of wards, etc., by opting for the perfect loan amount.
4. Allows easy repayment in portions
The repayment term for these loans is usually small. The interesting fact about loan payment is that you do not have to pay back in full. It means none will bother you to pay the amount in one go. Rather, you must pay in small amounts at a given time.
You can split the amount you have to repay in months. Now, calculate how much they will cost you each month. Clearly, it will be much lesser than what you have borrowed.
Your consistency is crucial, or else you might miss out on payment. This gap will be difficult for you to overcome with other payments lined up one after another.
The bottom line
Borrowing is not a crime when you are facing pressing needs. Be careful and responsible to utilise this opportunity to the utmost. Getting quick assistance for any immediate need might seem unreal.
However, you can avail of legit loans in Ireland. These are genuine financing options available on the spot after minimal effort. Above all, these loans do not need you to go through a tough procedure also.
All in all, you just require your phone to get hold of the desired amount of loan. This exposure to online procedures can help you save time and effort and fetch money on the go.
FAQs
Is revealing credit scores necessary while applying with the phone?
This phone application facility is available with direct lenders who do not ask for any information related to credit scores. Your affordability will concern them the most while making the approval decision.
Will pre-paying loans be a possibility?
Yes, if you want, you can repay loans early without paying any extra charges. Talk to your lender first before initiating pre-payment. Indeed, this is the best way to curtail extra payouts as interest.
What will happen after defaults?
Defaults are highly undesirable as they may invite additional charges. You cannot escape late charges and penalties if you have skipped loan payments even once. Make it a point to be ready with money for timely payments.
Caleb works as a senior content writer at Financealoan for the past 3 years. He is a writing enthusiast and invests a good time in exploring and writing about financial trends. His keenness in exploring a topic to create a research-based piece is simply unmatched. He believes in including a texture of authenticity with real-time examples and facts.
Caleb’s blogs and articles reveal deep-seated knowledge and expertise. His educational qualification forms the base of his excellent command over the industry and Jargon. He is a postgraduate in Finance and is currently involved in exploring the world of the stock market.
