The lowdown on payday loans in Ireland

If you're living in Ireland and you're struggling to make ends meet then perhaps you've entertained the idea of getting a payday loan to help bridge the gap between pay cheques? Well, we have some bad news unfortunately.

A payday loan is a small, unsecured loan that is applied for and received quite quickly to help the customer bridge a small gap in their personal finances. Often the interest rate on these loans can be astronomically high, with APR rates around 1700%. However, these rates rarely come in to play, as the loans are generally paid of in the extreme short term, as soon as you get your paycheque.

It is because of the astronomical APR that you won't find a payday loan on offer in Ireland. They are outlawed under government regulations. The Irish financial regulator will not give credit licences to companies who charge what they deem to be an excessive APR rate, so there is a giant gap in the market for this kind of service.

So, what are your options? Unlike your friends in the UK, you can't take out a payday loan. The only thing we can suggest is either taking out an overdraft. Most banks will approve your overdraft application on the same day, giving you instant access to the cash.

Or else, you could apply for a Credit Card and use it to help bridge the gap. While neither option is completely satisfactory, they should help you make ends meet in the short term.

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