If you are looking for loans for bad credit no guarantor no fees instant decision there are options for borrowing that might be of interest. These are the short term or payday loans and the personal loan. The most suitable for you may depend on the state of your credit rating along with the amount of money you want to borrow. So let’s take a look at your options.
It is understandable if you don’t want a guarantor loan. While this is generally one of the easiest loans to be approved for with bad credit, it can put stress on friendship and relationships. The same with fees, if you are already struggling with money you don’t want to pay out hefty fees on top of the loan. The short term loan, payday loan and personal loan does not need a guarantor.
What Do I Need to Apply For A Bad Credit Loan?
We can help to match you with the right lender for the most suitable loan based on your circumstances. To be able to achieve this you will need to meet certain requirements. These include living in the UK, being over 18, a regular income, having a bank account, a debit card and setting up repayments by direct debit from your bank account. If this applies to you, you can move forward and apply through us for your loan.
So that we can match you up with the right lender from the many that we work with, we will also need to know how much you want to borrow. We also want to know exactly how long you want to repay the loan over.
Following this, we will need to know what you have coming in each month and what your outgoings are. This information is kept private and only shared with the lenders we work with. It will determine your eligibility for a loan.
The Options for Loans for Bad Credit No Guarantor No fees Instant Decision
We understand how difficult the waiting to find out if you are approved or not for a loan is. So, all loans offered by our lenders come with an instant decision.
When you have made your application by filling in your details you will know straight away if one of our lenders is able to offer you a loan. The type of loan will be based on the amount of money you want to borrow and the length of the loan.
How Can It Be An Instant Decision?
In the past when applying for loans people had to contact banks to ask for a loan, and usually, this meant having to go into the bank to see someone. The whole process was lengthy and drawn out. Even undertaking loan applications online meant applying and waiting to hear if you were eligible then waiting for paperwork to come through the post. You then had to sign it, set up a direct debit and post it back to the bank. You could be waiting weeks for the money.
Today things have changed. Lenders do everything electronically now. The application process with us makes it possible to obtain an instant decision. The steps are:
- Apply for the loan telling us how much you want to borrow and the length you want to repay;
- Fill in some details about yourself including your income and outgoings;
- We match you up with our network of lenders;
- You find out if they are able to offer you the loan;
- You sign up for the loan;
- Money is deposited into your bank within days.
The Types of Instant Decision Loans
There are three main types of loan for anyone with bad credit, who wants an instant decision, to consider. These are:
- Payday loan;
- Short term loan;
- Personal loan.
A Payday Loan
The payday loan is one of the easiest ways to borrow money if your credit rating is bad and you only want to borrow a small amount of cash and are able to repay it back quickly.
The term of the loan is usually one month but it may be extended to cover two months or possibly longer. Bear in mind the payday loan does come with a higher rate of interest than other loans so paying it back quickly is essential.
Payday loans work best when borrowing a small sum of money, from £100, to meet an emergency that has cropped up where you need money. It is not to be considered a long term solution or no good if you need a large amount of cash.
A Short Term Loan
The short term loan is similar to the payday loan with a little more flexibility in the repayments. With the short term loan, the amount of money offered is generally up to £1,000.
This loan still requires the borrower to repay back over the short term and it falls in the middle of the payday loan and personal loan for loan length.
A Personal Loan
The personal loan can generally be spread out over a longer term than either of the other two loans. This is typically for a period of up to 36 months allowing you to spread the cost of borrowing, usually up to £5,000.
Having bad credit does not imply that you cannot get a loan. It is possible to find the most suitable loan for you with our lenders. We work with lenders offering an instant decision on loans, who do not put too much emphasis on your credit rating.
Allow Bonsai Finance to find your loans for bad credit no guarantor no fees instant decision today. It takes only minutes to apply and approval and payout to your bank are fast.