Finding a loan is never the easiest of things. Finding one with a less than perfect credit rating is even more difficult, more so if you do not want a guarantor loan. If you want to search for loans without guarantor UK more easily, why not put your search into our hands. We can help to match you with a lender from a large panel of UK lenders.
There are numerous benefits to applying for loans online with our help. Here are 10 reasons why you might want to put your loan application into our hands.
- You only make a single application
- We can search within a large panel of lenders
- Lenders we work alongside offer different types of loans
- Lenders consider verifiable income not just credit history
- Lenders offer some of the most competitive interest rates
- It takes just minutes to apply for a loan online
- Loans are offered between £100 and £5,000
- Repayments can be spread out for 1 month up to 36 months
- You get an instant decision
- If approved you could have funds paid into your bank within hours.
Different Types of Loans without Guarantor UK
So let us move on to the different types of loans that you might want to consider.
Small Loans – Payday and Short-term
There are two loans that lenders consider small loans, these are the payday and short-term loans. Both loans only offer small sums of money; however, they are generally easier to find approval for if your credit rating is less than perfect.
We will look at what the payday loan offers first. With this loan, lenders generally offer between £100 and £500. The loans are often used as emergency loans if you need to get hold of money fast to meet an unexpected outlay.
They can be a suitable loan providing you know you can repay the loan on the dates agreed. Lenders will want to know your pay dates and how much income you have coming in. They will also want to know what you pay out each month.
Payday loans may be paid back on your next payday or you may spread the repayments out for up to three paydays. When deciding how long to borrow over you do have to take into account that the lender will take the money on your payday so make sure you have enough money left over after they have taken the repayment.
Short-term loans offer more cash, generally, up to £1,000 and repayments can be spread out for as long as 12-months. Again, the longer you take to repay the loan the more interest you will pay and the more the loan is going to cost you in total.
Personal Loans for Longer-Term Borrowing
You might want to consider personal loans without guarantor UK if your credit rating is average to good and you need to borrow over the longer term. A personal loan will also allow you to borrow thousands of pounds.
When considering the personal loan you do need to consider the APR as this is how much interest you pay and it is the annual percentage rate. With a good credit rating, you should be able to get the best interest rates. You might still get a personal loan if your credit history is less than perfect but expect to pay a higher rate of interest.
If your credit rating is extremely poor and you are searching for loans without guarantor UK, and need to borrow a large sum, the lender might be able to offer a secured loan. Care has to be taken with secured loans, as they require you to put your home or vehicle up against the amount you are borrowing. If you cannot repay the loan, you stand to lose whatever you put up.