People with a bad credit score are not just limited to secured or guarantor loans. Yes, there are choices of unsecured personal loans bad credit no guarantor available and we can help to match you up with a loan.
The personal loan is more difficult to find approval for with a bad credit rating, as with loans of this nature generally you can borrow larger sums of money than with other loans. Even if you have a poor credit score you might be able to borrow up to £15,000 and spread the repayments for up to 36 months with one of our lenders. To be in a position to borrow with a personal loan you need to:
- Have a regular income from work or benefits;
- Be aged 18 at least;
- Live in the UK;
- Have a UK bank account;
- A debit card in your name.
This is the basic criteria to apply for any loan within the UK but different lenders might set out additional conditions.
Benefits of Unsecured Personal Loans Bad Credit No Guarantor
There are many benefits to applying for a personal loan. For instance:
- They do not require someone to stand as a guarantor;
- The personal loan is also called an unsecured loan. This means you do not have to secure anything against the money being borrowed as you would with a secured loan;
- The APR on personal loans varies, but is usually lower than that of payday or guarantor loan;
- Depending on your credit rating and ability to repay the loan you might be eligible to borrow up to £15,000;
- You can spread the loan out to make it more affordable each month.
Will Lenders Look Into My Credit Rating?
All lenders will take your credit rating into account when applying to borrow a large sum of money from a personal loan. On saying this the lenders we work with will also consider current circumstances and ability to repay the loan.
To do this the lender will want to know how much money you have coming in each month and what you pay out. From this, they will be able to determine how much disposable income you have left each month. This is money left over after you have paid off all your bills and outgoings. This is the amount of money from which the lender would take back the monthly repayments of the loan. If they think you have ability to repay without being left short of money they are more likely to offer you a loan.
Applying for Personal Loans
To make an application for unsecured personal loans bad credit no guarantor you can apply with our help. This is among the fastest ways of searching with multiple lenders and only one loan application is needed. One advantage of this is that you don’t have to spend time and energy searching and making multiple loan applications yourself. Multiple loan applications can go against you as they are noted on your credit file.
The first step to applying for the loan is deciding how much you need to borrow and whether that amount is going to be affordable. You also have to decide how long you want to take the loan over. This is going to determine how much the monthly repayments are and how much the loan is going to cost in total. Usually, the longer you take the loan over the lower the monthly repayments but the more the loan costs in total.
The amount of interest added onto the loan is calculated at the annual percentage rate, the APR. This amount may differ depending on the lender and usually the lower the APR the less interest is added on. You do have to consider the fact that with a poor credit rating you are not going to be offered the lowest rates of APR. However, the lenders we work with do offer some of the most competitive rates.
Once you have decided how much you want to borrow and how long for you can go ahead and provide us with your details. These details include your bank account and debit card numbers. The lenders will use these to pay the funds from the loan into and to retrieve the monthly repayments.
We will make a search for your loan based on the information you gave us, with a panel of lenders. Should one decline you we simply move onto the next. This means your chances of finding a lender are improved.
Other Types of Unsecured Loan No Guarantor
A personal loan is not the only type of unsecured loan that might be available without a guarantor.
It might be that you do not need to borrow many thousands of pounds and spread the cost for years. If you only need to borrow a small sum, up to £1,000, you might consider a short-term loan. This means you are not committing to a long-term loan.
When considering a short-term loan check to find out if you are offered the option of repaying the loan back early without having fees added on. If you wind up in a situation where you can afford to repay early, you could save money on interest.
Another type of loan that does not need a guarantor and which isn’t secured is a payday loan. The payday loan is one of the most popular types of loan for people with poor credit histories, but only offers between £100 and £500. This is normally more than enough to cover financial outlays that crop up unexpectedly. The loan is repaid within one to three months.
There are choices of unsecured personal loans bad credit no guarantor available and we can help to match you up with a lender. The lenders we work with offer some of the most competitive rates and affordable loan options. You get an instant decision so apply with our help today.