Basic Facts About No Guarantor Loans

In these financially difficult times, it is hard to get cash assistance from friends or relatives. If you have a not-so-favourable credit history, you will find it extremely challenging to find monetary help for your emergency needs.

Traditional lenders refrain from lending to people with bad credit for the fear of default. So what's the alternative in such a financially crunching time? Well, if you are facing a monetary emergency, you can still manage to get no guarantor loans.

Formality Free

High street lenders require you to fulfil a number of formalities, from filling out lengthy application forms to extensive paperwork, which makes the entire process full of hassles and time consuming. However, there are a few reliable lenders that are willing to approve loan applications for people with poor credit.

• With no guarantor loans without fees, securing a short-term loan is convenient. What's more, you don't need a security or guarantor. The collateral-free deal makes it possible for you to meet your financial emergency needs until your next payday.
• The best thing about loans without guarantor is that your negative credit score has no influence over the loan approval process, since the lender won't be making any credit checks. This means you can borrow even with defaults, arrears, insolvency, County Court Judgments or late payments against your name.
• Since you have a debit card, you do not need to submit any documents of salary, employment, or bank statements to prove your ability to repay the debt.
• As a borrower, you can use the loan to pay for any outstanding expenses, such as utility bills, medical bills, holiday, or vehicle repair, among others.
• Besides, no guarantor loans offer you an opportunity to improve your credit score by consolidating all of your previous debts and clearing all payments in time, without skipping off any instalment.

Get Money Fast

Lenders don't see you as risky to lend despite your adverse credit history, as loans without guarantor are usually for a short term and attached to your next payday check. This means repayment for such loans will be automatically deducted when you get your next salary check.

In order to approve your loan application, lenders require you to have a checking account with a debit card. Not only this, it is imperative to show that you have been actively working with your present employer for at least six months and getting regular salary. This gives the lender a guarantee that you have a regular source of income and shall return the dues on time.

If you are finding yourself in a financial crisis, no guarantor loans can be the best monetary alternative in such a situation. All that you need to do is submit a loan application with the lender. Upon approval of your application, the loan amount is credited to your account the same day.

However, it is important that you explore all options and check the history of the lender before going ahead with them. Some lenders may surprise you with hidden charges later. It's better to research and confirm that you are not falling into the trap of lenders offering loans without guarantor.

Angie Rees is one of the top Finance Advisers in UK, with an extensive experience in the finance field. Anyone interested to know more about debt and loan situation in UK can contact me.