Payday Loans in Ireland

Living in Northern Ireland and looking for a payday loan? Apply online with Cashfloat from the comfort of your home and get funded within one hour of approval.
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Representative example: Borrow £700 for 6 months. 1st monthly repayment of £168.45, 4 monthly repayments of £224.60, last monthly repayment of £112.20. Total repayment £1,179.05. Interest rate p.a. (fixed) 185.39%. Representative APR 611.74%. All our loans are available for a duration of 3 to 9 months.
Warning: Late repayments can cause you serious money problems. For help, go to moneyhelper.org.uk.

Cashfloat, your premium direct lender offers online loans to those living in Northern Ireland. Apply for £300 up to £1500 and get the money in your bank account today.

8500 Irish people
applied for payday loans
from Cashfloat
last year.

No more wondering how you’ll get hold of that money you desperately need. Cashfloat can fund you wherever you are in the UK (including Northern Ireland). Whatever your emergency, we want to help you! We approve applicants with all credit scores, so don’t worry about your bad credit holding you back.

Application accessible 24/7
Bad credit welcome
Repay early with no extra fees
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Central Bank of Ireland: Payday Loan Regulations

In Ireland, any lender charging over 23% in interest counts as a moneylender. Any company who wants to trade as a moneylender must go through a robust application. So, although Ireland’s Central Bank has no official policy against payday loans, lenders aren’t willing to set up shop there. If a lender does apply, the application will be reviewed by the Central Bank. Having said that, the government and regulatory bodies are not keen to see payday loans in Ireland any time soon.

Many people look up to Ireland in this regard, and in fact, calls for an end to the sector in the UK have been made too. It’s not new for the payday loan industry to be seen in a negative light. Loan sharks give the payday loan industry a black tinge. However, it is important to consider the potential downsides to a lack of short-term loans. Short term loans prove to be beneficial for many. Especially now that the industry is more tightly regulated. So is Ireland better off without payday loans or does the UK benefit from having them?

Benefits of Payday Loans

There are many benefits to having a direct payday loan lender online available.

  • To start with, it allows people to get hold of money when they need it quickly. Many payday lenders can transfer the money you need into your account if you apply for a same day loan. There could be a number of reasons someone needs money quickly. They might need to pay for an emergency, such as repairs to their car.
  • Payday loans are often accessible to people with poor or no credit history too.
  • They might also want to spread the cost of a large purchase, such as new appliances. You can sometimes do that by making two or more payments on a loan. Short-term loans allow people to access small amounts of money and pay it back within the next month or two.

Payday loans have gained something of a negative reputation in the UK. Many payday loan borrowers find themselves struggling with increasing debt, compounded by the ever increasing interest. Payday loan lenders have been accused, and sometimes guilty of leading the poorest into even worse financial difficulty.

Drawbacks of Payday Loans

Payday loans are often seen as the quickest and most convenient way to get money when it’s needed. The speed and ease of access may be a good thing, making it easier to access funds in emergencies. However:

  • People might be too hasty to take out a loan when they may not be able to repay it.
  • They may also see the easy access as a green light to take out a loan for non-necessities, such as holidays.
  • In the past, many people have managed to get into financial trouble by taking out a payday loan.

Using Payday Loans Responsibly

If used responsibly, payday loans can be an excellent way to borrow money. They are also much better now that new regulations have been introduced. Payday lenders must now follow FCA regulations, such as capping interest rates at 0.8% per day. They also must cap the total cost of the loan at 100% meaning that you can never pay back more than double what you borrowed.

New regulations such as these have made the industry much more friendly to the borrower. Unsuspecting customers are much less likely to get caught out by unscrupulous lenders, and it’s harder for them to get stuck in a cycle of debt. Borrowers can get hold of the money they need quickly, even if their credit history isn’t great. In Ireland, it’s difficult to borrow small amounts of money quickly. Money that is borrowed from various sources may have to be paid back much more slowly.

The FCA: Regulating Payday Loans

The FCA has had to take measures to get a handle on payday lenders. Unscrupulous lenders caused problems for many, with skyrocketing interest rates, among other worrying practices. The situation has seen improvement. The sector is rebuilding its image in the media and among the public. If payday loan companies come to Ireland, it’s possible they could experience something similar. But considering current regulations, it’s unlikely payday loan companies could carry out unethical behaviour. Their current rules suggest that they would be tough on any short-term lenders that the Central Bank approved.

Since the FCA brought in new regulations in the UK, experiences of instant payday loans are changing. People are going to advice services for help with their loans less than before. Many people see payday loans in a positive light and are grateful for the opportunity to access them. If a market ever grows for payday loans in Ireland, the government and financial bodies could regulate the industry as they see fit. It would provide a convenient way for people to borrow money when they need it. However, there would need to be demand for such a service in the country if payday lenders wanted to be successful.

65% of Irish who borrow payday loans are Male

73% of Irish who borrow payday loans are Single

Average age of Irish who borrow payday loans is 34 years old

Most common job fields for Irish who borrow payday loans are Healthcare, Sales and Customer service

Most common month for Irish to borrow payday loans is January

Irish who borrow payday loans earn an average of £1,759 a month

FAQ’s

Are there any alternative credit options in Ireland?

People in Ireland aren’t out of luck if they want to borrow money. Although there are no payday loans in Ireland, there are ways for people to get money. For example, many people use credit unions to borrow small amounts of money. However, you usually have to be a member of a credit union before you are eligible to borrow from them. Other people might use pawnbrokers to either borrow money or sell their possessions.

There are also options such as credit cards, bank overdrafts, or borrowing from family. Although these are usually safer options, some people may feel like they don’t have enough flexible options when they need cash quickly. Other types of loan can mean paying it back over a much longer period of at least six months. This can turn out well, as it means the interest paid may not be very high. But some people don’t want to have a debt for that long, especially with small amounts of money.

Can I get a loan in Ireland from a private lender?

If you are looking to get a loan from a private lender in Ireland, be sure that they are authorised and regulated by the FCA. Private lenders may not be authorised (otherwise known as loan sharks), and we advise you to keep far away from them. Applying for a safe loan from Northern Ireland is now easy. Cashfloat’s online application form is available here 24/7. Once you have submitted the form, you will get an instant decision.

Are doorstep loans legal in Ireland?

Doorstep lending is legal in Northern Ireland, provided that the lender is regulated and has all the necessary authorisations. Using a doorstep lender may be helpful if you do not have a bank account. However, they may be more expensive than a direct online lender. Before choosing what works for you, educate yourself about your repayment responsibilities.

How fast can I get an emergency loan in Ireland?

You can get an emergency loan in Northern Ireland as fast as anyone living in England. At Cashfloat, the application form is quick and straightforward to complete. Once submitted, you will get an instant decision and loans are funded straight into your bank account within 1 hour of approval.