Getting your loan application co-signed from a guarantor is quite tough when you are new to a place or have a bad credit history. Nobody wants to take risks and hence avoid you in giving surety. In this situation, no guarantor loans rescue you from the financial crisis and help in solving your bad credit history issues.
In short, despite not having a surety, you stand a 100 % chance to avail guaranteed funds at an affordable interest rate with no extra fee. Let’s us clear your doubts related to the no guarantor loans:
How to Avail Loans for Bad Credit with No Guarantor?
It’s time to forget traditional lenders and bankers who used to take more than a month in approving your loan applications. Now, everything has become online and so the top lenders in the UK are. You just need to access the website of a reliable lending company and fill its online form. Once submitted, you stand a fair chance to get quick funds.
How Much Time an Online Lender take to approve a No Guarantor Loan Application?
Gone are the days when there was no fixed loan approval time. Nowadays, the top online lenders in the UK give instant approvals in even 15 minutes. Actually, their core focus is to make you financially independent irrespective of your credit history. So, your poor rating or good credit rating doesn’t matter to them at all. They offer guaranteed poor credit loans without guarantor at the cheapest interest rates.
How Do Poor Credit Loans Work?
Basically, it is a 3-step process. First, you apply for a loan for bad credit with no guarantor online. Then, the online team of your lender quickly reviews it and gives the required approval. Finally, they transfer the required funds into your bank account on the same day. In sum, the online loan availing process is quite simple and amazingly fast. You overcome your financial woes in a single mouse click!
Can I Repay No Guarantor Loans in EMI?
Repayment of a poor credit loan with no guarantor is as simple as its availing. Your online lender gives you complete freedom to choose the tenure of your convenience. Once it is mutually fixed, you start paying off the availed funds with interest in monthly EMIs. You don’t have to go anywhere to submit the EMI amount. You can choose the direct debit facility, and every month the required due amount would be deducted from your bank account.
Is there Any Eligibility Criteria to Avail Poor Credit Loans?
Eligibility criteria differ from one lender to another. But there are some basic criteria that you should know before applying for bad credit funds:
- You should be 18-75 years old
- You must be a resident of the UK
- You must have an active bank account
How to Confirm if there are any Hidden Charges?
Every online lending company says that they don’t charge extra for offering loans for bad credit with no guarantor. Now, you have to make out if the promise is genuine or not. Read the terms & conditions page carefully and see if there are any extra charges like file processing charges, bad credit charges, upfront fee or pre-closure charges. Don’t accept the loan deal if the online lending company is charging you even a few pounds.
The online loan world is full of deals. There is too much competition and hence you can save more pounds on the interest rate by selecting a cheaper option. You should do thorough research before finalizing the financing deal.
