If you have bad credit and you are searching for a loan without a guarantor, you might come across the term bad credit loans no guarantor no credit check. This sounds ideal for your situation, but is there such a loan out there, it sounds too good to be true?
Is There Such a Thing as No Credit Check?
Let’s start right out and say that there is no such thing as a no credit check. By law, all UK lenders have to check your credit file before they go ahead and reach a decision over whether to approve your loan. There is no getting around this and lenders should not claim there is no credit check.
Now for better news. Bonsai Finance works with lenders who will check your credit rating but at the same time, they do not put too much faith into this. Their decision is also based on the income you have coming in and your ability to repay the loan. This means that while you may have a poor credit rating it is not necessarily going to stop you from obtaining a loan with them as long you can afford to repay it back.
Are Loans Available Without a Guarantor?
There are different types of loans available for those with bad credit if you do not need a guarantor.
We work with lenders who offer a range of loans with affordable rates. Depending on how much you want to borrow, you might want to check out:
- A short-term loan;
- Payday loan;
- Personal loan.
The most suitable loan for your needs may depend on the following:
- You might want to consider the payday loan if the sum of money is small that need to borrow, up to £500, you need it in an emergency and you can repay it back within a month or two;
- You need to get your hands on between £500 and £1,000 and you can repay it back over several months;
- You need a larger sum of money, up to £5,000 and you want to spread the cost of repayments back for up 36 months.
What Do I Need to Able to Apply for Bad Credit Loans No Guarantor No Credit Check?
In order to be eligible to apply for a loan in the UK with our panel of lenders you need to:
- Have a regular income coming in;
- Be over 18 years old;
- Have a bank account;
- Have a debit card;
- Set up a direct debit for repaying a loan over the longer term.
How Do I Apply For A Loan?
One of the easiest ways to apply for a loan is with our help. We work to bridge the gap between those looking for a loan and lenders. This means with a single loan application you can search with numerous lenders who offer:
- Loans for all circumstances;
- Competitive rates;
- Give a quick decision;
- If approved can pay money into your bank fast.
To apply for a loan let us know the amount you want to borrow and when you want to repay it. We will then search with our lenders to match you up with the right lender for your needs.
Bad credit loans no guarantor no credit check are much easier to find with our help. Our lenders will check your credit rating but also take into account your ability to repay. We work with a wide range of lenders offering affordable loans so find out how much you might be in a position to borrow today, even with a poor credit rating.