If you have bad credit, you might think that you will be unable to get a loan without asking a guarantor. Whatever your reason for wanting loans for bad credit without guarantor you can apply for a loan with our help.
There are many choices of loans available that anyone with poor credit can apply for and if you are approved you could have money paid into the bank quickly. So what types of loan are available?
What Are Loans for Bad Credit Without Guarantor
The most suitable loan for your circumstances is going to depend on how much you want to borrow and how long you want to repay the loan over.
You might have a cash emergency and need to get your hands on the money fast. This might be to pay for a bill you had forgotten about, to fix an appliance that has broken down which you cannot do without. Whatever reason you need cash fast you might want to consider a payday or short-term loan.
What Is A Payday Loan?
If your credit rating is particularly flawed, your choices of loans may be somewhat limited.
The payday loan allows borrowers to lend a small amount of cash quickly and repay it back over one or two months. This loan may be most suitable for anyone who has a very poor credit rating but who do not wish to ask a guarantor to stand at his or her side.
When considering a payday loan you do have to bear in mind that the interest rates are generally higher than on other loans. On saying this, the loan is repaid fast, so interest is not spread out over years, only a couple of months. It may be suitable for any situation where you need to get your hands on a cash sum quickly with a bad credit rating.
Payday loans are usually offered from £100 to £500 depending on the lender and your personal circumstances.
What Is A Short Term Loan?
A short-term loan does not need a guarantor and this type of loan may allow you to borrow between £500 and £1,000. This is going to depend on the lender and your circumstances.
The repayments of the short-term loan may be divided out a little longer than with the payday loan. Lenders may permit you to repay the loan over a year or so.
A short-term loan may be taken out in circumstances where you want to borrow more than what it is offered with the payday loan but not as much as you might be able to borrow with a personal loan.
A Personal Loan
You might consider a payday loan depending on how poor your credit rating is. We do work with lenders who are willing to consider your ability to repay, more than your prior credit history. However, all UK lenders will check your credit score, if only by making a soft credit check.
A soft credit check means that the lender will make a search for some background information about you but they will not delve into the full credit report.
With the personal loan, you might be able to borrow up to £5,000 with the lenders we work with.
Any of the above are suitable as loans for bad credit without guarantor and you can apply for them with our help by completing one single application.
Bonsai Finance works with numerous lenders all offering competitive rates on loans for people with bad credit ratings. We can help to match you up with our range of lenders, many of who offer loans for bad credit without guarantor needed. Make your quick online application today.