No Guarantor Loans
You need money and you need it fast. You have a good reason for how you want to use the money. The only problem is that you have had your own share of credit issues over recent years. Bad credit seems to be haunting you.
Majority of Financial Institutions and loan brokering Agents make your already complicated life to a near disaster scenario, when you go after them for a loan facility. Fanning the flames probably is your bad credit score or a lower credit history. As a result, the lending entities require you to go through a frustrating process which requires you to get the support of a guarantor to get your loan approved, called No guarantor loans.
Well, it is easier said than done. Because to get some Tom, Dick, and Harry to be a guarantor for your loan is practically not viable due to personal and social constraints imposed on third parties whom you might go after for assurance. This is where Bonsai Finance is mobilizing the out of the box financial and technical approach to be a stepping stone for all your financial needs overcoming barriers.
We have the expertise beyond the ordinary and the intellectual to bypass the obstacles you face in getting the No guarantor loans, making your battle for emergency cash a walk in the park, since we at Bonsai Finance excel at excellence to go above and beyond to satisfy our clientele with the aid of our valued loaning partners.
No guarantor loans and how they work?
When you have a positive credit history with an attractive credit score, nothing will stop you from getting any loan approved, but unfortunately for those of you with a poor credit history or newer credit score, it is a whole different ballgame. Loaning agents and financial bodies require the people with bad credit history to back their loan application with an added form of security called a guarantor. A guarantor can be anyone with a good credit score and who is willing to sign the loan with you to provide leverage to the added risk the lenders take when they opted to loan you the money. But the elephant in the room is that most of you do not have a guarantor.
Ultimately, when you don’t have a guarantor and still need a loan, Bonsai Finance can fill the gaps and direct you to a premium lender who is willing to provide you with a non-guarantor loan, which is an unsecured loan solely based on a stable income rather than with the involvement of a guarantor.
Nature of loans without guarantor
Non-guarantor loans are somewhat tricky for the guaranteeing party. Unfortunately, those of you who live a volatile lifestyle, you might endanger the guarantor in case you miss the repayments, hence the guarantor has to bear the burden of paying off your debt as he is the sole individual the lenders will be after.
We know that this is a tough pill to swallow, which is why we take the lead to guiding you through a simple and fast application via Bonsai Finance to find you the selection of lenders to help you with loans without a guarantor.
Benefits of non-guarantor loans
Bonsai Finance connects the missing links to your loan by embracing and introducing you to a wide array of competent and trusted financial entities who offer the lowest interest rates and approval time. Above all, your application does not require a guarantor meaning it is solely a loan without a guarantor.
The application process is as simple as 1,2,3, on top of that, you will be delighted to see your loan approved within minutes of your application and in most cases, the money will be debited to your bank account just under an hour or so, in the worst case scenario perhaps a day to a week.
Guarantor loans low APR
Annual percentage rate or APR is the rate at which the interest accumulates with respect to the loan granted. The APR for non-guarantor loans is higher than for loans with a guarantor due to the added risk involved. Therefore, low APR rates from around 16% to 62% are offered for guarantor loans with low APR which is usually the faster way to secure a loan.
Criteria for No guarantor loans:
- Be at least 18 years old
- Be a resident of the UK
- A valid UK bank account with an active debit card
- Be employed with a stable income
What Are the Options for No Guarantor Loans UK?
So you know what type of loan you do not want to apply for, the loan that requires a guarantor, but what are the options out there for no guarantor loans UK?
We work with lenders offering numerous loan options. Whether your credit rating is in decent order, it is poor or downright bad; our lenders will consider your circumstances, providing you meet the criteria above. The lenders we work with offer affordable loans without the need to have to ask someone to stand in as your guarantor.
Need A Small Sum of Money Quickly?
The options open to you for loans are going to rely on several factors. This includes why you need the loan. Do you need a small sum of cash and want it quickly to meet an emergency? We ask this because if only a small sum of money is needed and you need it fast and can repay it within a month or two, the payday loan may be right up your street. So first, let us look at the benefits of applying for a payday loan.
Benefits of the Payday Loan with No Guarantor
- You could get your hands on a small sum of money to pay for any financial emergency. This could be a bill that you forgot to pay, emergency repairs or any situation where it would help to get your hands on a small amount of cash fast;
- The payday loan is quick and easy to apply for even with a poor credit rating;
- The loan comes with an instant decision as there is no paperwork;
- You could have money paid into your bank account on the same day;
- The loan is paid off and cleared within one or two months.
Bear in mind that the payday loan may have a higher rate of interest than other loans. This is because it is an instant approval loan and the money is paid out fast. This type of loan is only suitable for anyone who wants to get his or her hands on money fast and who can repay the loan back quickly.
Other Options for No Guarantor Loans UK
The payday loan is fine if only a small sum of money is needed and you can repay it within one or two months. However, what if you want to borrow over a longer term or need to get your hands on a larger sum of money?
In this case, you might want to give some thought to the short-term loan or personal loan. You do not need a guarantor with either of these loans.
A short-term loan allows you to borrow a sum of money over the short term, as defined by the lender when applying for the loan. We work with lenders who offer loans from £100 to £5,000, which are repayable from 3 months to 36 months. All our lenders offer competitive rates, regardless of your credit rating.
A short-term loan is quick and easy to apply for, as is the personal loan. If you want to spread, the repayments of a loan out over 36 months go for the personal loan.
Our Lenders Offer a Range of No-Guarantor Loan Options for Bad Credit
Here at Bonsai Finance, we understand how difficult finding a loan can be if your credit rating is less than perfect and you do not want a guarantor. We work alongside more than twenty lenders, none of whom takes a poor credit rating too seriously. While all UK lenders have to check your credit rating before approving a loan, they also take into account the fact you have a regular income coming into the home.
If you are looking for no guarantor loans UK, allow us to match you up with one of our UK lenders. Apply today and find out how much you could borrow.