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About Quick Loans No Guarantor
13 Oct 2019

Key Facts You Need To Know About Quick Loans No Guarantor Before You Apply

What do you do when you are faced with an emergency and your next paycheck is too far away? Like most UK residents, you might consider taking a loan. According to the Guardian, a record number of people in the UK are now turning to personal loans to make ends meet. The question is, how do you know that the loan you are taking is the most suitable for you? Well, here are the key points to note if you are considering taking a loan.

Most traditional lenders will ask for collateral to secure your loan. The collateral can be your house, car or any other valuable property. If you fail to repay the loan, the lender seizes the property you had put as collateral. What happens when you do not have anything to secure your loan with? Then you have to get a co-signer.

The co-signer or guarantor accepts to assume your financial liability should you fail to repay the loan. They place their creditworthiness on the line. Not many people readily accept such a risk. You might get lucky and find a willing guarantor. You then have to do some more complex work. Gathering their documents and presenting them before the financial institution.

This process may take you a lot of time when you need the cash urgently. Does that mean that all hope is lost? Certainly not. You can apply for quick loans no guarantor from direct lenders.

What are Quick Loans No Guarantor?

These are a type of short-term loans offered by modern direct lenders in the UK. They are quick because you can get your approval decision as soon as you finish making your application. The loans also pay out quickly with some lenders sending the money within 15 minutes after they approve you.

Can I Use My Loan on Anything?

One of the common questions you might encounter when seeking a loan from a bank is your spending plan. With quick loans, nobody asks you anything about how you plan to spend the money. This means that your reason for seeking the money may not bar you from getting the loan.

How Much Can I Borrow?

Some direct lenders allow you to borrow up to £5,000 as a new borrower. You also get the loan with zero fees and no hidden costs.

Will I Really Be Approved?

Quick loans have an extremely high approval rate of 95%. As such, you can rely on them whenever you have an urgent need for cash. Since you apply online, you can seek the loan at any time of the day or night.

What if I Have Bad Credit?

You might easily be disqualified from a traditional loan if you have a low credit score. Banks and other traditional lenders use your credit rating to estimate your potential of repaying the loan. Direct lenders, on the other hand, use other aspects to evaluate your creditworthiness. As such, if you apply for an affordable loan, even with bad credit, they will approve your application.

You can get even get the loan without a credit check. The lender will only conduct a soft inquiry which rarely hurts your credit rating. As such, a spotty credit history never bars you from accessing these quick loans.

What Do I Need to Apply?

You have to be 18 years of age or above and a permanent UK resident to qualify for these loans. You should also have a bank account where the lender will deposit the cash you need. Most lenders will evaluate your income status before approving your loan application. You can use your employment details or other income sources to verify that you can afford the loan.

What Are the APRs?

Lenders normally take on a very huge risk when giving you an unsecured loan. This makes most of them impose high APRs. The trick is to avoid late payments or borrowing an amount you cannot afford to repay.

What Are The Repayment Terms?

You can choose from 3 to 36 months as your period of repayment depending on the lender. Most direct lenders also have flexible terms and allow payments in instalments. If you can manage to clear the debt all at once, you can too.

You do have options so do not allow financial challenges to hold you back. Get a quick loan and address your emergencies immediately before they pile up and cause you more stress. At Bonsai Finance, we connect you with reputable lenders and allow you to compare numerous loan options to get the best deal for quick loans no guarantor. You just have to make a single application and we match you up with several lenders who meet your criteria. Connect with us today for additional tips on how to achieve financial freedom.