Right off the bat we will tell you that finding loans for bad credit no guarantor no fees direct lender is going to be extremely difficult. There are many problems with looking for a loan for yourself and going directly to a lender and one of these is that not all lenders offer loans to people with less than a perfect credit score.
What Are Fees?
While it is understandable that you will be looking for a loan that does not have fees, again this is almost impossible as generally all loans will have some type of fees attached. Personal loans or short-term loans might have a clause that states if you find the loan can be paid back early, you have to pay an early repayment fee to clear the loan.
Another type of fee that might be added onto the cost of borrowing is one brokers attach for helping you find a loan. While you might be adverse to going with a broker to find a suitable loan and prefer to go direct, there are advantages to brokers. These are:
- You get access to numerous lenders;
- You only need to fill in your details once to search with multiple lenders;
- Brokers work with a panel of ethical UK lenders offering affordable loan options and some of the most competitive rates;
- You save time and the stress of searching to find a lender willing to offer you a loan if you have a bad credit rating.
With the above in mind you might decide that a small fee is well worth paying.
Loans That Don’t Require a Guarantor
We understand if you don’t want a guarantor loan as they are not suitable for everyone, but can work for some people. The good news is that there are loan options where you do not require a guarantor to stand by your side. For instance, there is the:
- Payday loan;
- Short term loan;
- Personal loan.
The first two options are often more suitable for people with a poor credit rating as both offer relatively small amounts of money. Personal loans are more difficult to find approval for but it is not impossible, it really depends on how bad your credit rating is and if the lender thinks you have the ability to repay the loan.
Payday Loans For Bad Credit No Guarantor No Fees Direct Lender
Payday loans are one type of loan that many people with bad credit ratings have applied for and successfully been approved for. Lenders are somewhat more lenient in regards to offering payday loans. This is generally because the amount of money they offer is small and the loan is repaid quickly.
Lenders may allow you to borrow between £100 and £500 depending on if the lender thinks you can afford the loan. Payday loans are repaid in either one lump sum, including interest, or spread out for up to three paydays. While you might find it more affordable to spread the loan out over three paydays, you are going to pay more to borrow than if you had repaid in one payday.
Payday loans can come in very handy if you find yourself short of money and your payday is some time away. If an unexpected outlay comes up you could apply to borrow a small sum of money and if approved the funds from the loan might be paid into the bank on the same day.
You might consider a payday loan to cover an unexpected final demand bill, to pay for urgent repairs or to stop mounting bank fees if you have gone into an unauthorised overdraft.
Short Term Loans
Lenders offer between £500 and £1,000 with short-term loans with the loan being spread out for up to 12 months if needed. The monthly repayments can be kept down by spreading the loan out over a longer period of time, but the longer you take the loan over, the more it is going to cost you in total in interest.
Check the APR on short-term loans for bad credit no guarantor no fees direct lender as this is going to be what determines how much you are going to pay in interest on the loan, generally the lower the APR the less interest will accumulate.
With a personal loan, large sums of money are generally involved. Most lenders will offer up to £15,000 with personal loans and allow you to extend the cost of the loan for up to 36 months if required.
However, personal loans are one of the most difficult to obtain approval for if your credit rating is less than perfect. On saying this, we work alongside lenders who will consider all circumstances. If lenders believe you can repay the loan, there is really nothing stopping them from approving it. Of course, they are going to look at your credit rating when asking to borrow large sums of money.
To apply for a loan you need to have a regular income, be over 18 and live in the United Kingdom. You also need a bank account with a debit card and are able to set up a direct debit.
Loans for bad credit no guarantor no fees direct lender can be difficult to find. It is possible to obtain approval for loans that do not need a guarantor, even with a poor credit rating and the lenders we work with will consider all circumstances. We can help to match you up with a lender from a panel of lenders all of whom offer affordable loan options. The lenders we work alongside offer some of the most competitive rates, so why not consider searching for your loan with our help.