Occasionally, life throws a spanner in the works. An unexpected bill, an emergency repair, a sick or injured pet; all these things can put a strain on your finances. When you need a loan fast, it can feel like the world is conspiring against you to keep you down. When you have a poor credit history, getting a loan when you need it can be a slow and difficult process, but it doesn’t need to be. If, for whatever reason, you need quick loans no guarantor, have a look at our guide to make getting the money you need as simple as possible.
Do You Really Need A Loan?
Before applying or any loan, it is important to make sure that a loan is something that you really need. Loans can be expensive, especially if you’ve got a poor credit rating, and so the first thing you should do is take a look at your finances to see if you can get the money together.
- Do you have any saving that you can draw from?
- Could you borrow the money from friends or family?
- Is it possible for you to sell or pawn unwanted and unused items?
All of these options, while they might not be the first thing that springs to mind, it can be cheaper in the long run for you to explore these options first.
How Much Do You Need To Borrow?
It is always best to borrow as little as possible, so if you are able to reduce the amount that you need to borrow by using one of the above methods, then it is best to do so, even if you’re not able to reduce the amount that you need to loan entirely, you will be able to save money in the long run, as you’ll be paying less interest overall for a smaller loan.
It is worth remembering that loans for people with bad credit incur higher interest rates, because the lender is taking a larger risk on them than someone with excellent credit. This should be taken into account when you’re deciding how much you need to borrow.
Will Applying For A Loan Affect You Credit Score?
When you first apply for a loan with Bonsai Finance, we perform a what is known as a soft search. This search helps us narrow down the list of lenders who are able to offer you a loan, without the footprint that a credit check does. This means that the basic checks that we make in the pre-application phase cannot be seen by other lenders or brokers, so any negative outcomes do not appear on future checks.
How Long Does It Take To Get Approved?
Because we work with out wide network of trusted lenders to find out who is able to offer you a loan, we can get you a definitive answer on your loan application instantly, meaning that you don’t need to spend the whole day filling out endless application forms. We make the application process fast and simple, so that you can get approved and get the money in your account quickly.
How Quick Is Quick?
Once you have been approved for your quick loans no guarantor, you can usually have the money in your account by the end of the day.
Can A Loan Help Fix Bad Credit?
Though getting a loan to deal with unexpected bill may not be your first choice for you to start to rebuild your credit history, as long as you keep up with repayments, you will increase your credit score and make it easier to get credit in the future. It could make future loans cheaper, too, as an improved credit score can mean lower interest rates. Being approved for quick loans no guarantor with one of our lenders could be the first step towards a more stable financial future for you.
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