Do not want to go to bank? Still, secure a loan!

Yes, you can apply for a loan without first approaching a bank. Maybe you are too inhibited regarding your eligibility. For this reason, you do not want to take the risk of applying with a mainstream lender.

This is because rejection from their end would mean a solid scratch on your credit history. No need to go through such a trauma as you can borrow money in the UK from direct lenders. Their approach towards borrowers like you is quite liberal.

They do not obligate the loan applicant too much. Thus, you can see for yourself how you can get loan assistance without a bank. Not always, the traditional ways are the only solutions accessible to you.

Dive deeper to fetch information about alternate solutions. Before that, you must get hold of your requirements. Record your findings and start excavating for the ideal lender.

In this endeavour, no need to take stress regarding whom you should approach. There are lenders other than banks. These loan providers come with flexibilities and additional features.

They are even ready to allow you to get external funds despite lacking a bank account. You do not have to trade in your assets to be able to get access to these types of loans. Meaning, you will not confront any additional obligations to take advantage of flexible features.

What happens when you do not ask a bank for loans? You must contact direct lenders then. Find out how the process unfolds by reading through this blog.

Steps to follow to receive a loan but not from a bank

If you are new to direct lending opportunities, this concept might seem invalid. However, you must analyse the steps to understand what the process goes about. You will be applying with alternative lenders who have different features.

You can ditch traditional lenders if you know you can cash in on this opportunity. The aspects that make a private money lender your best option are::

No restriction regarding collateral

These private lenders mostly offer short-term loan options. Thus, you do not have to risk your assets to fetch the required amount of loan amount. Besides, there will be alternatives like providing a guarantor or accepting high interest.

You might have to agree to any of the above conditions if you need a considerable amount. These shall apply even when you have very low credit scores.

Only soft analysis of affordability

With traditional lenders, you cannot skip hard credit verification. However, with private lenders, revealing credit scores is not necessary. They will be concerned regarding your affordability.

This means that there is no problem if your credit history is not perfect. Your present financial condition should be convincing for the lender. This can be established easily if you have no history of pending bills at present times.

Repayment is going to be smooth

The repayment term will be set according to the loan amount you choose. Furthermore, you have the freedom to pick a convenient repayment structure. It will allow you to split payments so that you can pay in small amounts.

This arrangement will make repayment stress-free. With a perfect plan, you can easily make it to successful payment of loans within the given duration.

Credit improvement scope

Since you can avail of this loan facility irrespective of your credit scores, you can pay off unpaid bills now. With each payment, your credit scores will get an instant boost. Thus, these loans can be an effective tool for you to rectify your credit scores.

The flexible repayment allows you to pay back loans without missing them. This might give an immediate boost to your credit history.

• Seamless loan application procedure without a bank

It is a huge relief for borrowers who are tired of paying visits to the bank branch multiple times. Direct lenders let you apply for loans from the comfort of your home. They have created a process which allows you to fill out an online form.

You can reach out for a virtual copy of the loan form. You can directly pay by visiting the lender’s website and tapping on the loan form. With fewer details, you can complete the application within less time.

This is one of the major disparities you will be able to point out. Another one is no documentation is mandatory. Since the lender enquires about details that are relevant, you do not have to produce unnecessary documents.

No credit verification is involved. For this reason, the loan provider will not require your credit report as well. If you want to experience a hassle free processing of application, share valid details without fail.

Spend some time to carefully add information in the loan document. Thus, you do not have to undergo an elongated process like the traditional one.

• Receipt of loans

Now, you might have a question in mind regarding the receipt of a loan. Getting approval is not tough if you are able to convince the loan provider. You must fulfil specific eligibility requirements.

After this, you can have a high chance of getting accepted for loans. You are not applying with a bank, but you should have a bank account. This ensures that you can avail of virtual transactions facility after receiving the loans.

On approval, the lender will deposit the money in your checking account. From there, you can distribute the money to meet various unpaid dues. Where you can spend the loan money will not draw the attention of the loan provider.

However, you might be someone who has never approached the bank to open an account as well. In that case, you can take pleasure in a home credit facility. It allows you to receive the loan money at your doorstep.

The bottom line

Getting loan support from a bank is not mandatory. There are alternative lenders available at your disposal. You do not have to go through a lot of adjustments.

They come with friendly features to make borrowing effortless for you. With these lenders, you can send a request for loans online.

Emma Anderson is one of the most sought after finance consultant in the UK. Currently working with Loan Bank, her primary role is to help the people in their moment of crisis and suggest ways to improve their overall financial stability. In her spare