If you are looking for a loan and need to get hold of the money quickly due to an emergency you might want to look for a fast loan. If you have a poor credit rating, you might think you will be limited to guarantor loans. However, there are fast loans no guarantor available and here we are going to talk about the options.
Before we look into the loans that might be available, we will determine what no guarantor loans are. They are loans, and there are different types, that do not need you to ask someone to stand as a guarantor.
A guarantor is someone, a close friend or relative that you ask to stand as your guarantor so that if you cannot continue making the loan repayments, the guarantor takes over the repayments. While the lender sees this as a good thing, and you might be more likely to be approved for a loan. The downside is that you have to depend on the guarantor. You might not want to ask someone to become a guarantor or you might not have anyone you can talk to about your financial situation. In this case, there are loans that can be applied for without a guarantor.
With that out of the way, we can move on to the choices of loans without guarantor.
What Exactly Are Fast Loans
A fast loan is any type of loan that you can apply for and get approval for fast with payment of the loan funds being paid into the bank account on the same or next day.
Loans have come a long way since the time you would have to go to your bank and ask them for a loan. Today anyone with a home computer and internet access can apply for money from the comfort of their armchair.
The application for fast loans can be done totally on the internet without the need for you having to sign any physical paperwork. This cuts down the time it takes to get approval and money paid into the bank.
What Types of Fast Loans Are Available Online?
Any loan that can be applied for online and be approved and signed for online is a fast loan. These types of loan generally include the payday loans, short-term loan and personal loans. It may be feasible to get a personal loan fast but this would depend on your credit rating. If you have a poor credit rating, the other loans might be more appropriate to apply for. Alternatively, lenders might offer a secured loan.
The Payday Loan for Emergencies
One of the fastest loans to apply for and get approval for is a payday loan. This type of loan is appropriate for anyone who wants to borrow a small amount of money and repay the loan back on the next payday or spread the repayments for up to three paydays. Essentially this would be a three-month loan. A payday loan will usually be in the region of £100 to £500.
As the amount borrowed is small and you will be repaying it back quickly, lenders often approve this type of loan very quickly. You might even be able to get the money paid into the bank on the same day. While payday loans get their name as the loan is usually repaid in full on your next payday it is possible to spread the repayments and interest over three paydays. Bear in mind the interest is added daily so the quicker you repay the loan the less interest you will pay.
This loan is great to cover any emergencies that might crop up and you do not have the money to cover the expense. You can use the money to pay for anything, but usually, the loan is taken out to cover expenses that might come from such as an appliance that needs repairing or replacing a flat tire on a car.
Spread the Cost of Repayments For Up To One Year with a Short-term Loan
The payday loan is fine if you want a fast loan but you might need to borrow more money than what it offers, and you might need to spread out the repayments over a slightly longer term. In this case, you might give consideration to a short-term loan.
The short-term loan can generally be spread out over 12 months if needed and you may be able to borrow up to £1,000. This is going to depend on the lender of course and your credit rating. Some lenders might offer more, while others less.
The short-term loan has interest applied to it just like with any other loan. Therefore, the longer you spread the loan over the more you are going to have to pay in interest. When considering a loan always check the APR. If you do have a poor credit rating you are not going to have the luxury of being offered the lowest rates of interest, these are reserved for people with a good credit rating.
You can generally apply for a short-term loan for any reason, but some lenders might ask why you want to borrow the money.
Personal Loans Offer Larger Sums over Longer Periods
Personal loans may offer you larger sums of money, which can be stretched out over longer periods. For instance, you might be able to borrow up to £5,000 and spread the repayments for up to 36 months.
Again, check the APR of the loan, usually the lower the APR the less you will repay in interest. You also have to factor in any fees associated with personal loans, which might include early repayment fees. An early repayment fee is a sum of money that you would have to pay in the event you want to pay off the loan early. For example, if you take a loan out over 36 months and find you can pay it off in 30 months, you would have to pay a fee, which would do away with any savings you might make on interest for 6 months.
Secured Loans for Bad Credit
If your credit rating is very bad and you do not want a guarantor loan your only option might be a secured loan.
Instead of you having to ask someone to stand as a guarantor, the lender asks that you put something of extreme value up against the amount you want to borrow. In other words, you are guaranteeing our property against the loan. This is due to the fact that if you fail to make the loan repayments the lender can take you to court to take your home and then put it on the market and take the money you owe out of the money from the property sale.
A secured loan is very risky and a great deal of thought does have to be given to it before signing on the dotted line so to speak.
The Application Process for Fast Loans No Guarantor
The application process for fast loans is easy and is all undertaken online. The application process takes just minutes but you do need to check to make sure that you meet all the criteria before applying.
To be able to apply for a fast loan in the UK you have to meet the following rules set out by the lender:
- Live in the United Kingdom;
- Be over 18;
- Have a regular income:
- Have a UK bank account with a debit card;
- The bank account must accept direct debits, as this is how the lender will take the repayments back for the loan.
If you meet all of the above criteria, you can make an application for a fast loan. One of the easiest ways is to apply with our help. We are not lenders. Instead, we work with a panel of lenders and match people up with the lenders we work with based on circumstances.
It takes just a few simple steps to apply online for your fast loan.
- Make sure you are eligible to apply for a loan;
- Choose the amount you want to borrow;
- Choose how long you want to take the loan over;
- Enter your details, including your name, address, age, income and outgoings, and your bank details;
- We search with our panel of lenders to find you the most suitable loan;
- You can visit the lender to look into the details of the loan and if you are happy you can sign up for the loan;
- Take note of how much the repayments are and what date or dates the loan will be repaid;
- The lender pays the money into the bank account you used when signing up for the loan.
Benefits of Applying For Your Loan with Our Help
There are many benefits to applying for your loan with our help with the main being access to multiple lenders and saving time.
Access to Multiple Lenders
We can search with multiple lenders from just one application. You do not need to apply with several lenders yourself and have them make a note you applied for a loan on your application. If you have to make many applications with different lenders yourself, this will go against you on your credit file; we can help you to avoid this.
We Can Save You Time
Another benefit is the time you save having to look for lenders offering loans yourself. You might spend a long time searching for lenders willing to offer loans if you have poor credit, by yourself. Lenders will appear in searches online but often when you visit the site, you have to go through a third degree and then find that you cannot get the loan. This leaves you back at square one, looking for another lender and applying again, all of which takes a great deal of time.
Competitive Rates and Numerous Loan Options
The panel of lenders we work with all offer competitive rates on loan and numerous loan options. This means you have access to a wide range of loan choices, including payday loans, short-term loans, and personal loans. The APR on the loan is going to depend on the lender, the amount you wish to borrow and your credit rating. If you have a good credit rating you can expect to get lower APRs on loans, however, if your credit rating is poor you can expect the APR to be higher.
Lenders Consider Your Current Circumstances
While lenders do have to consider your credit rating, the lenders we work with also consider your current circumstances.
You might have obtained a poor credit rating in the past and this might have come about due to many things, such as late repayments or missed payments. However, your financial issues may have improved greatly and you may now have the ability to be able to repay a loan you take out without any issues. The lenders we work with realise this and take your income and outgoings into account to determine if the loan is affordable. Providing you have a regular amount of income coming into the household, the lenders we work with will consider your loan application.
If you are looking for fast loans no guarantor there are many choices available. Whether you want just a small sum of money to meet an emergency repair or bill or you want to borrow a larger cash sum to make a new purchase, we can help you to find the most suitable loan for your needs. It takes just minutes to make an application and you get approval within minutes. The funds may be paid into your bank account on the same or next day thanks to no paperwork.