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3 Oct 2019

Are Fast Loans No Guarantor in UK Possible?

Are fast loans no guarantor in UK possible? Many people ask this question when they find themselves short of money and need to get a loan quickly. So here we are going to answer this question and determine what options might be open to you if you need a loan.

We are going to look at the following:

  • What fast loans are;
  • How fast is a fast loan;
  • The types of quick loans available;
  • Which type of loan might be suitable;
  • How to apply for a loan online.

What Are Fast Loans?

The term fast loans cover a wide range of different loan types. Loans are generally called fast for two reasons. First, the loan application is generally quick online and second, the funds from the loan are usually paid out fast.

How Fast Is A Fast Loan?

The fastest way to apply for a loan is to make an online application. It takes mere minutes to make an application and if you allow us to search for your loan on your behalf with a panel of lenders, multiple lenders are searched.

Within minutes of applying, you will get an instant decision. There is no waiting around for paperwork, as the entire application is made online.

In regards to how fast the funds may be paid into your bank account, it will depend on several factors. However, in the majority of cases, when applying for an online loan if you are approved funds can be paid directly into your bank account on the same day. It may even be possible for funds to be paid within hours or minutes of you applying.

The Different Types of Fast Loans No Guarantor in UK

So, what are the options for loans without a guarantor? Thankfully, there are many and there are different loans to meet different circumstances. There are loans offering just small amounts of money, which are repaid quickly, and there are loans offering larger sums that can be spread out for years.

Small Sums, Short-term Borrowing

We are going to look at two fast loans that offer smaller cash sums and which are paid back fast. These are the payday and short-term loans.

Payday Loans Over 1 to 3 Months

Payday loans are a popular choice among people with poor credit ratings as these types of loans are usually easier to be approved for than other types. However, anyone, good or bad credit rating can apply for the loan.

Payday loans are often called fast loans or quick loans, as they are quick to apply for online and they payout fast.

Payday loans don’t require a guarantor or security and you might be able to borrow £100 to £500, even with a poor credit rating.

As they are fast to apply for and payout, they make a good choice for people who are met with a financial outlay that is unexpected. Often the loan is paid out within hours of making the application and money goes straight into your designated bank account.

Lenders will usually offer payday loans over 1 to 3 paydays, or months. The faster you repay the loan the less it will cost with interest added on. When deciding whether to spread the loan over 1 to 3 paydays bear in mind that the lender will take the money back when you are paid. You, therefore, need to make sure you are not going to be left short of money on the days the loan is repaid. Of course, you also have to ensure the loan is affordable; and the right choice for you, otherwise it can be an expensive way of borrowing.

Short term Loans Up to 12-months

Lenders will usually offer up to £1,000 with a short-term loan. Again, the loan is quick and easy to apply for online.

As you are borrowing a larger sum of money, you can spread the repayments out over a longer period. Lenders usually allow you to spread out the loan for up to 12 months if needed. Again, the longer you take the loan over the more it will cost in total while spreading it out means the monthly repayment will be lower. Therefore, you are going to have to find a fine line between keeping the monthly repayments affordable and not paying too much interest.

Personal Loans for Longer-Term Borrowing

If you need to borrow a larger sum of money, in the region of thousands of pounds, you will have to consider a personal loan. Lenders will allow you to spread the loan over many years but to take advantage of this you are going to have to have a good credit rating.

Lenders will also take a deeper look into your credit rating if you apply to borrow a large sum of money and spread the repayments over the years. While some people might not consider personal loans fast loans no guarantor in UK, the loans are quick and easy to apply for online.

Which Loan Is The Most Suitable?

The most suitable loan is going to be the one that fulfils your needs and your circumstances.

For example, if your vehicle breaks down and you need a small loan to cover the cost of repairs until your pay date you might be better applying for a payday loan. You can then get your car fixed and pay the loan off in one lump sum or spread it over three paydays.

If you need a larger sum of money, have a good credit rating and want to spread the loan over years a personal loan might be more suitable.

If you want to borrow up to £1,000 and spread the loan for up to 12-months, you might want to consider a short-term loan.

Apply With Our Help for an Online Loan

You can apply online for fast loans no guarantor in UK with our help. We can put you in touch with lenders offering affordable loans with competitive rates of interest, who consider verifiable income. Apply fast online and get an instant decision. Check out the loans with lenders we match you with, then go ahead, and sign up. You could have the money paid into your bank account on the same day.