When looking for loans for bad credit UK no guarantor there is the hard way to search and a far easier approach. Here we are going to talk about both ways of applying for a loan, the different types of loan available and how easy it is to apply for your loan.
Searching For A Loan Yourself Vs Applying With Us
Not all lenders consider lending money to people with poor credit ratings. This can bring issues when searching for a loan online. If you don’t know which lenders are the most likely to offer loans for bad credit UK no guarantor you could spend a long time finding approval. If you need money fast this is not ideal. Nor is it ideal to have to make multiple applications as they are all noted on your credit rating and go against you.
If you apply for your loan with our help, you get access to multiple lenders from making just one single loan application. The benefits of applying for a loan with our help include:
- It takes only minutes to apply for your loan;
- We work with a huge range of lenders all from the UK;
- Lenders offer numerous loan options;
- Lenders consider your current circumstances, even if you have a bad credit rating;
- Lenders offer some of the most competitive rates for people looking for loans with a poor credit rating;
- Lenders offer affordable loans;
- One fast loan application to search with multiple lenders;
- Instant decision;
- Range of loans available;
- Fast pay out if approved.
The Types of Loans For Bad Credit UK No Guarantor
There are numerous types of loans available for people with bad credit in the UK who do not wish to ask a guarantor to stand by their side. While a guarantor is one way of obtaining a larger sum of money with poor credit, the loan is often not suitable for everyone.
Short Term and Payday Loans for Bad Credit
Short term loans are loans that may be easier to find approval for if your credit rating is poor. This is due to the fact that they are repaid back quickly and only a small sum of money is involved. This applies to two types of loan, the payday loan and the short term loan.
The easiest of these two to find approval for is the payday loan. This is because lenders typically offer between £100 and £500 and the loan is taken over just a month or two.
Lenders will allow you to spread out the cost of payday loans for up to three paydays if needed. This means the amount borrowed and any interest is spread out over three months. The good side is that it can make the loan more affordable, the downside is the longer you spread the loan over, the more it is going to cost you in total. This is due to interest being added onto the loan daily. The earlier you can repay the loan the less it is going to cost
Payday loans are often quick to pay out if approved due to the fact that they only entail a small sum of money. Lenders are more likely to offer payday loans to people with poor credit ratings due to the same reason.
This type of loan can come in handy for any reason where you are short on cash, but many times people use it to pay off unexpected bills.
It is important to consider the fact that APR may seem high on payday loans, but you are not borrowing over the years, just a couple of months. However, if you find you cannot repay the loan as agreed costs can mount up.
Short Term Loans
Short-term loans may be considered by anyone who wants to borrow between £500 and £1,000. The money can be used for anything you want as lenders do not usually ask why you need the money.
Short term loans can usually be spread out for up to 12 months, but this will depend on the lender with some offering longer and some less amount of time.
As with any loan the least amount of time you take the loan over, the less it is going to cost in interest. The interest will be determined by the APR, annual percentage rate. Usually the lower the interest rate the less the loan costs in total. However, also be mindful of any fees that might be attached to the loan as they can boost the cost of borrowing.
Personal loans do not require a guarantor but this type of loan is often more difficult to obtain approval for than the short term or payday loan, if you have a poor credit rating.
With a personal loan, you might be able to borrow for up to £15,000 and so lenders are stricter. This does not mean that it is impossible to find approval for a loan. We work together with lenders who will consider all circumstances along with loan affordability, not just credit ratings.
It is possible to obtain loans for bad credit UK no guarantor and we can help to match you with a lender from a panel of lenders. You just make one application and we will search on your behalf with numerous UK lenders. This means you do not have to make numerous searches on your own, which takes time and can affect your credit rating. You get an instant decision and fast pay out.