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No Guarantor Loans Fast Acceptance
15 Aug 2018

No Guarantor Loans – Fast Acceptance without a Guarantor is Possible

If you are looking into loan options and have a less than perfect credit score, you might be led to believe that your best option is a guarantor loan. However, do not rush in and sign on the dotted line, as here at Bonsai Finance we might be able to partner you up with a lender offering no guarantor loans. Yes, even if you have a poor credit rating you might be eligible as we work with lenders who specialize in offering these loans to people regardless of their credit rating.

Easy Application with Fast Approval and Process

A no guarantor loan can be applied for online and it is a relatively quick and easy process. The whole process is undertaken online, which means no hanging around for paperwork to be posted, which then has to be signed and returned. You could have money paid into your bank account within a day or two if you are approved.

We work with numerous lenders offering competitive rates of interest. Perhaps the only downside to a loan without a guarantor is the rate of interest. As the risk is higher than when taking out a loan with a guarantor this will reflect in the rate of interest on a loan without a guarantor. On saying this, we work alongside lenders offering the most competitive rates even after considering the risk.

Guarantor loans VS no Guarantor Loans

There is a huge difference between the two types of loans. With the first, you need to find someone willing to step in on your behalf and guarantee the loan. This means that if for any reason you were to fail on the repayments of the loan, the person who is your guarantor will have to repay the loan.

This is putting a great deal of pressure on that person. Imagine you asked a friend and they said yes. You took out the loan and for some unforeseen reason, you find yourself unable to meet the repayments. Your friend suddenly finds himself or herself having to repay what you owe and suddenly the friendship is not as friendly as it was before. The same would apply if a family member had stepped in to help you. It puts a huge strain on the family, not to mention the embarrassment of having to admit you let them down and cannot repay the loan.

Luckily, there is a loan that does not need a guarantor. While in the past such loans might have been reserved only for people with a good credit rating, today times have changed. Here at Bonsai Finance, we work with some of the best lenders on the market, all offering loans without a guarantor, even to those with less than a perfect credit rating. This means you do not have to search around for someone to stand by your side, nor risk embarrassment, friendships, and relationships. No guarantor loans are just what they suggest; you do not need someone to sign on the dotted line along with you to get your hands on the money.

Criteria for Applying for a Loan Online

Just as with any other type of loan, there are criteria you have to meet in order to be eligible. For instance, you will need to live in the UK and have a bank account with a debit card attached to the account to repay the loan. You have to be over 18 and must be in employment.

The beauty of no guarantor loans is that you can get hold of money fast. You don’t have to worry about finding someone who will sign on the dotted line with you and put a strain on your relationship or friendship. Whatever reason you need to get your hands on money for and whatever your credit rating, this type of loan is available.