If you are looking for loans for bad credit no guarantor involved there are numerous options that might be suitable for your needs and we can help you to find the most suitable one.
Here at Bonsai Finance, we are experts in the field of personal financial services in the UK. We work alongside many lenders, all of whom put emphasis on your income, not your financial past and poor credit rating. We can help you find lenders willing to offer a loan for bad credit without the need for a guarantor to be involved. There are three popular options for loans and we look at these in more detail below, they are:
- No guarantor loans;
- Secured loans;
- Short term or payday loans.
All three of these loan options mean you do not have to have a guarantor behind you to be able to take out the loan. So which of these options might be the most suitable for you?
Specific Loans for Bad Credit UK no Guarantor
As the name suggests this is a financial product specifically aimed at people who have a bad credit rating who do not want to involve a third party as a guarantor. Many people wish to avoid dragging a friend or relative into the equation when taking out a loan. This is because the guarantor would have to repay the loan if for any reason you defaulted on it.
A no guarantor loan means you do not have to find someone, typically a friend or relative, who is willing to take over the repayments if the worst case scenario occurs. This type of loan might be suitable for borrowing larger sums of money to be repaid back over years.
Short Term Loans AKA Payday Loans
Another option for a loan without a guarantor behind it may be a short-term loan also known as a payday loan. This type of loan is usually taken out if you need to get your hands on a smaller sum of money and can repay the loan in months not years.
The short-term loan might be suitable if you need cash fast for an unexpected bill or a repair. It is not suitable if you need a large sum of money and wish to spread the cost of the repayments back over years. Loans such as these typically come with higher APR than other loans but bear in mind that the loan is repaid back within months not a year or more.
Secured Personal Loans
If for one reason or another, you cannot get approval for loans for bad credit no guarantor and you wish to borrow a larger sum of money than what is offered with a short-term loan, you might want to consider the secured personal loan.
This type of loan does not need anyone to stand in for you to guarantee the loan as it is secured against your property. On the downside is the fact that if you are unable to repay the loan for any reason, you will be at risk of losing your home.
All three of the above options may be suitable if you do not want to ask someone to stand as a guarantor against a loan. We can help you find the most suitable lender for your needs even if you have a poor credit rating. We work with lenders who offer loans not based on the past but on your income now. To be eligible you do need to be a resident of the UK, have a bank account in the UK and a debit card attached to the bank account. The debit card will be used to collect the monthly repayments by direct debit each month.
If you are looking for loans for bad credit no guarantor involved contact us at Bonsai Finance.