How Long Does a Debt Consolidation Loan Take to Approve in Ireland?

A debt consolidation loan is very quick in some cases, and it can even take weeks for approval in Ireland. The decision of loan approval is highly dependent on the complexity of your credit records or your current relationship with an existing lender.  

If you are one with poor credit seeking debt with such facilities, then a debt consolidation loan in Ireland for bad credit can bring an opportunity to grow.  

Making a smarter choice is still possible if you knock on the right lending doorstep. And you can do it with respect to the loan approval time of different lenders: 

Breaking down the time period of a debt consolidation loan from different loan portals: 

Factors Impacting the Speed of Your Debt Consolidation Loan: 

Factor 1: Relationship with your lender:  

If you are already in touch with your lending institution, then you do not have to stretch a lot to get the result. Rather, you can simply communicate with the respective authority about your consolidation needs.  

Consider these practices to confirm your approval with your existing lender: 

• Clearly express your need to consolidate the current debt.  
• Know if your lender can clear your other debt accounts not associated with this lender.  

Factor 2: Open banking:  

If you are using an open banking system, then you are clearly providing all specific information about your profile to the lending institution.  

Here you illustrate the following things clearly: 

• Your income status is required to make an approval decision ahead of time.  
• Your past repayment history and even your utility bills records.  
• Your credit card repayments highlight your creditworthiness.  
• Your credit utilisation ratio helps determine if you pay back the required sum of money.  

Factor 3: The minimum documents:  

You need to provide the minimum documents to the lender if you are not using an open banking system. Below is the list that you can explore: 

• Bank statements of the last three months.  
• Identity proof and address details.  
• Recent payslips ensure your income status.  
• Every specific detail of your debt that you want to settle.  

Submit these documents to your lending institution, and there are higher chances of receiving the loan amount into your bank account.  

You can also share a manual review notice with the lender, highlighting the reason behind your missing repayments. And in such a way, you can gain more chances of loan approval.  

Factor 4: Secured or unsecured loan: 

You must also look into the nature of your debt if it is secured or unsecured. Considering this fact, it lets you make a subtle decision whether your approval chances are higher or not.  

Let's break down the impact of approval in the case of secured and unsecured loans!  

• Secured loan: 

A secured loan requires you to submit collateral. If you have an asset which can justify the amount of your loan, then the chances of your approval are higher.  

• Unsecured loan:  

In case of an unsecured loan, the chances of acceptance may trim down due to the higher risk of your loan.  

Factor 5: The Sum of Money:  

Even if your loan is covered in an unsecured category, you can take the next move toward better financial conditions. And this is possible with a smaller sum of money.  

Apply for a small amount, and take advantage of quick acceptance on your loan profile. You can do this for better results: 

• Trim down your costs and receive a small sum of money for your goals.  
• Make an estimation at first to know how much money you need ahead of time.  

The Bottom Note:  

If you are expecting the fastest loan delivery to your bank account, then look into specific terms that let you borrow quickly. And here, your credit history can work as a strong indicator. 

Look for ways to settle down your bad credit and make an astronomical impact on your report. Your every right choice is leading you to higher ends, and developing your good history ahead. 

Communicate with lenders about your poor financial conditions. And in case you search for financial support from Credit Unions, then become a member by applying for membership on the same day.