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Important things to consider with for poor credit loans no guarantor in the UK
Most of the time, the best way to obtain a cheap loan if you have bad credit is through a guarantor. The problem though, is that you can’t always find someone close to you who can be eligible as a guarantor and/or is willing to play the part. If it’s simply impossible in your situation to source out a suitable guarantor who can help you obtain a reliable bad credit loan, there is no need to get discouraged as there are still options that you can consider.
The reality is, there are several loans for poor credit no guarantor that are available to people who have bad credit and don’t have a guarantor to co-sign their loan deal. Below we will discuss what it means if you take out a loan without a guarantor and some of the other important things that you might want to consider.
Loans for poor credit no guarantor
The guarantor acts as a form of assurance to the lender that the money they lend you will be paid back in full. In the end, it all boils down to risk. Because there is a guarantor who will basically guarantee that the repayments of your loan will be completed, there is no need for the lender to levy a high interest rate to offset the risk involved in your bad credit.
With that being said, the first thing that you need to take into account when it comes to loans for bad credit with no guarantors is that you will likely end up with a higher APR. Guarantor loans normally have APRs that hover around 40-50% while the same amount of borrowing with the absence of a guarantor could reach as much as 70%.
Loans for poor credit with no guarantor and credit check
Majority of no guarantor loans for poor credit are no credit check loans which means that you can get approved regardless if you have a poor credit history or don’t have one. Lenders however, will only qualify you for a loan that suites your present financial circumstances. In essence, they would prefer to lend you only what you can afford to pay back to help ensure that your financial health won’t deteriorate further.
The loan agreement that will be offered to you is also transparent and free from any form of hidden charges. Before you sign your loan contract, you will know exactly how much your interest rates will be, the schedule of each and every repayment and the due date of your loan.
Loans for poor credit no guarantor and instant funding
Bad credit loans online without a guarantor are designed mostly for emergency funding which is why they are often easy to avail with quick funding features. Generally, your application can be processed in less than an hour and once you are approved, the funds you requested for will be deposited into your account in the same day or the following business day.
Because of the kind of speed and ease they provide, the financial products can be the perfect options for a myriad of emergency funding needs and situations. From paying of urgent bills and expenses and dealing with unforeseen cash shortage problems, you can use the the loans as viable solutions to help keep you afloat when things get rough financially.
Loans for poor credit no guarantor from a direct lender
Today,majority of online lenders are relying on advanced technology and systems to evaluate the risk associated in a certain borrower and/or loan application. The interest rate they charge on the loan deal will be based on that certain risk (the higher the risk the higher the rate). What’s more, you can accomplish this online through a lender’s website and obtain an instant quote.
Loans for poor credit no guarantor when you have bad credit
Now if banks, credit unions and other traditional credit providers have denied you for a loan because of your bad credit rating, consider comparing the options that are available to you:
1. Payday Loans. Highly accessible loans that can cater any type of credit rating so long as the borrower can afford to make the proper repayments. The loans are offered in small amounts from £100 to £2,000 with short payment periods. Typically, you will need to pay back the entire loan and its interest rate in your next payday.
2. Doorstep Loans. These are small cash loans that can be completed right at the very comfort of you home. From getting the approved funds to making the weekly or monthly repayments, everything will be transacted at your home making it a viable solution to borrowers who don’t have bank accounts.
3. Installment loans for bad credit. They are just like payday loans in a way that you can easily access them online and get approved with minimal requirements for small borrowing amounts. The major difference however, is that you can pay back your debt for a longer period of time through fixed installments in several months or a full year.
4. Secured Loans. The amount you borrow is tied on an asset like your home or car and because there is a security in the part of the lender, you can take out large amounts of credit for favourable interest rates and terms even if you have bad credit. Just make sure to pay back the money that you borrowed according the agreed conditions though, as you can risk losing your home or car in the event that you default from them.
Loans for poor credit no guarantor in the UK
When you have bad credit and don’t have a guarantor to back up your loan deal, bear in mind that there are readily available options that you can consider in the UK. Before you make an application though, make sure to compare your your options carefully. Whether they are payday loans, doorstep loans, installment loans, secured loans or some kind of bad credit loans no credit check, the type of credit agreement must be something that is suited to your needs and present financial circumstances.
Representative 277.5% APR
Representative Example: Borrow £700 and pay £111.27 per month for 12 months at an interest rate of 140% per annum (fixed).
The total charge for credit is £635.24 The total amount repayable is £1335.24. Representative 277.5% APR (variable). Your APR rate will be based on your circumstances
Non-payment could have a negative impact on your credit rating and have increased charges and interest rates.