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20 Apr 2019

Is It Possible to get Loans for Bad Credit No Guarantor No Fees Instant Decision?

You need a loan but you have a bad credit rating and you need money fast but do not want a guarantor loan, so it possible to get loans for bad credit no guarantor no fees instant decision?

If money is tight, or worse still your bank account is close to zero, and you are met with an unexpected financial outlay life quickly takes a downward turn. Short term money worries can affect your life significantly and more so if you have a poor credit rating. Getting approval for a loan with a poor credit rating is often like looking for a needle in a haystack, very hard to find. That is unless you know exactly where to look.

Some loans are more suitable for people with poor credit than others are. These include:

  • Payday loans;
  • Short term loans;
  • Guarantor loans.

Of course, if you do not want to ask someone to stand as your guarantor or do not have anyone, the last option can be crossed off your list. It may be possible to get approval for a personal loan; this would depend on your circumstances, including your credit rating and the lender.

We Shine a Light on Loans for Poor Credit

Some lenders are more lenient than others are. However, finding those lenders yourself is something of a gamble and if you need money fast, searching for a lender willing to offer you a loan with your poor credit history may be time wasted, time that you do not have.

There is an alternative to opening up your web browser and searching for loans aimed at people with poor credit rating and that is going directly to us and allowing us to try to match you with a lender. We work with a panel of lenders so we act as the intermediary, saving you a great deal of time, as the lenders we work with will consider your circumstances not just your credit file. This means you are going directly to the source. It is like a light shining over that haystack showing you the best spot for finding what you are looking for, in this case a loan.

Are Fees Included in Loans?

When considering any loan there may be fees involved. You might take a short term loan out for 12 months but find that you have extra money one or two months and want to use it to pay the loan off early. This can work to your advantage by saving you interest, but only if there is no early repayment fee attached to the loan.

You should always check the final amount of the loan when signing up for the loan, including any interest that is added on and any fees attached to the loan.

Your Best Options for Loans for Bad Credit No Guarantor No Fees Instant Decision

The best option for a loan if you have poor credit is going to depend on the amount of cash you need to get hold of and when you can repay it. This goes to determine whether you apply for a short term loan or payday loan.

Both the payday loan and the short term loan come with an instant decision. This means the lender will tell you within minutes whether they can offer you a loan. It does not mean that you will automatically be given a loan; this is dependent on several things, including your ability to repay the loan.

Short Term Borrowing For Up To One Year

A short term loan is usually offered for up to £1,000 depending on the lender. The loan cannot be spread out over several years but usually lenders will give you up to one year to pay it off.

You can apply for a short term loan without a guarantor and if you are approved you will get the funding from the loan paid into the specified bank account. How long you will have to wait for the money depends on the lender, time of day you apply for the loan, but is often on the same day.

Payday Loans Paid Back Within Three Months

If you need to get hold of money very quickly to meet an emergency that has reared its ugly head and you need between £500 and £1,000 a payday loan may be suitable.

Payday loans are one of the most popular types of loans in the UK. With more than 16 million people in the UK having less than £100 in savings and half of the younger generation having no savings, they are popular when financial emergencies crop up. Providing the loan is repaid as agreed it can work to provide a helping hand.

When payday loans first arrived on the market, they were not regulated and this led to them earning themselves a bad name. This was when people took out loans and found that on payday they could not pay it back so the charges and interest kept on mounting. Thankfully, today they are regulated and the fees and interest are limited.

When borrowing with a payday loan you have to state the date or dates, you are paid and the lender will take the money from your account on that date or dates. You do need to ensure that you have enough money to last once the lender has taken the loan repayment last. Lenders do like to check that the loan is affordable so you will need to tell them your income and outgoings.

Guarantor Loans as a Last Resort

While you might not fancy asking someone to stand as a guarantor, guarantor loans may be considered as a last resort or if you have a poor credit rating and want to borrow up to £5,000 and spread the cost for up to 36 months.

 In Conclusion

It is possible to get loans for bad credit no guarantor no fees instant decision and your chances of being approved become easier if you allow us to help match you up with a lender from the panel of lenders we work with. If you have a regular income, are over 18, have a bank account and debit card and live in the UK, you might be able to benefit from a loan with an instant decision and fast funding.