Loans for bad credit no guarantor
Many people make a lot of unavoidable financial mistakes in their lifetime. This often results in a bad credit score situation. Of course, poor credit score is a dangerous position as you will be denied a lot of things including access to loans. However, there are firms and lenders that specialize in loans for people with bad credits.
Why should you request for a loan when you already have a bad credit?
There are many reasons why you may have a financial problem. Some of them are:
- Unexpected expenses,
- Long days of unemployment,
- Emergency medical expenses,
- Increasing debts, and so on
This is often a tough position to be and you need to find a suitable financial alternative to resolve it. Requesting for loans is usually the next step especially when there is no one to help. However, in such case, you need to have a pleasant credit score to acquire the loan from most sources. Without a good credit score, you can still access loans for bad credit but you will need a guarantor. Unfortunately, in a situation where you have a bad credit with no guarantor, what happens?
Bad Credit No Guarantor? No problem
It is always difficult to acquire a loan when you have a bad credit and no guarantor. However, there are some firms and lenders that are ready and willing to offer loans for bad credit without a guarantor. This type of loan often requires less hassle and typically without stress.
What are the benefits of loans for bad credit no guarantor
Of course, a bad credit score does not necessarily mean that you are a bad person. There are always instances that you cannot just control. To find a guarantor, on the other hand, is also another critical problem nowadays. With the current economy, it is very hard to see someone with a good credit history. Perhaps, the few available people are not willing to stand as a guarantor.
There are many benefits of opting for the guaranteed loans for bad credit. Some of them are listed below.
- It saves you the hassle of looking around for a guarantor
- Helps to enhance your credit score
- A beneficial loan with typically easy approval
- Credit history not required/not a requirement
- Relief from heavy repayment
- Unsecured options (without collateral) available
Who can find Loans for Bad Credit No Guarantor useful?
Loans for bad credit without guarantor are definitely not for everyone. However, if you find yourself in a position of financial crisis whereby you have a poor credit history and there is nobody to stand as your guarantor, then guaranteed loans for bad credit is useful for you.
Is there any downside to this type of loan?
Nothing comes without a downside, however. In the case of bad credit loans without a guarantor, the downsides are also a blessing in disguise. For instance, you can only borrow a small amount of money. This saves you from a hefty repayment and helps to boost your credit score since you can easily repay them as scheduled.
How to locate/find the Bad credit no guarantor loan
Bonsai Finance is an expert in the field of personal finances. The firm operates widely in the UK and extends its work to the whole of US, Spain, and Brazil. Bonsai works with several lenders who are ready and willing to offer you loans regardless of your credit history and without a guarantor. Likewise, Bonsai provides access to tens of loan options with each lender offering a competitive loan package.
If you or your loved one is currently in a financial crisis and couldn’t acquire a loan due to a poor credit and absence of a guarantor, Bonsai Finance is ready to provide you with a lot of lenders that are ready and willing to help. Why don’t you apply now?
What Types of Loan Might Be Suitable?
We work with a huge range of lenders all willing to consider people with poor credit scores who want to take out loans for bad credit no guarantor. Three loan options offered by our lenders where you do not need someone standing at your side include:
- A personal loan;
- A short-term loan;
- A payday loan.
The Most Suitable Options for Loans If You Want Loans for Bad Credit No Guarantor
The most suitable loan for you is going to rely on your circumstances. For instance, if you wish to borrow a larger sum of money, the personal loan might be more suited. If you find yourself with no cash, have an emergency, and need a small sum, the payday loan might be more suitable. Here we will go more into detail about the three and you can then decide which of these might be the most suitable for you.
What Does A Personal Loan offer?
Depending on how bad your credit rating is will depend to some extent on whether you might be able to get a personal loan.
Bear in mind that what one lender thinks might be a very bad credit rating another might not.
A personal loan might allow you to borrow up to £5,000. Depending on your circumstances, you might be able to spread the cost of borrowing over up to 36 months.
This type of loan might be more suited if you wish to borrow more than what the payday loan or short-term loans offer, and you want to spread the cost of the repayments over a longer period.
What Does a Short Term Loan offer?
A short-term loan may allow you to borrow up to £1000. The loan can be repaid back over a term; this is the amount of time you spread the repayments.
However, as it is a short-term loan so do not expect to spread the repayments over many years. The repayment period of the short-term loan usually falls somewhere in between that of the personal loan, up to 36 months, and the payday loan, usually one or two months.
The short-term loan might be more suitable if you want to spread the cost of the loan repayments longer than what a payday loan would offer but do not wish to take a loan out over many years.
What does a Payday Loan offer?
The payday loan is one of the most popular options for being approved for a loan with bad credit if you do not want a guarantor loan and only want to borrow a small sum of money that you can repay in a month or so.
The main aim of the payday loan is to provide you with a small sum of money in the event that the unexpected happens and you find yourself short of cash before your next payday. Hence the name payday loans.
While the loan is generally paid back on the next payday, some lenders allow some leeway and it may be possible to spread the loan over two or even three paydays.
The interest rate of payday loans can often put many people off from applying. However, with the payday loan, it is key to bear in mind that interest is calculated per day, not per year. Therefore, if the APR looks huge do not let it put you off, as the loan is not spread out over the year. Stick with ethical lenders, such as our lenders, for your loan not unethical ones targeting Facebook users.
Of course, it is important to be able to meet repayments of the loan so always double check your ability to repay before signing up.
So have you decided which of the loans for bad credit no guarantor might be the most suitable for you? Let us match you with one of our lenders today.