If you need to get hold of money fast you might be wondering what your choices are for fast loans no guarantor. A guarantor loan can be a suitable loan for people with poor credit ratings but there are alternatives if you do not want a third party involved.
So what types of loans might you get approval for if you do not want a guarantor loan? Well, you might want to consider:
- Personal loans;
- Short term loans;
- Payday loans.
All three of the above options are suitable types of loans that are paid out fast where you do not need someone to stand as your guarantor.
How Is It Possible to Get A Fast Loan?
The internet has given us many things and one thing is that we can shop and make purchases online fast. The same applies to loans. You can now shop online for a loan and compare for the best deals around.
We Can Match You with a Lender from a Huge Panel
Searching for a loan yourself takes a huge amount of time and there is no guarantee that you will get a loan or even get the best deal for your circumstances. A better way to search is with our help.
We work alongside a large panel of lenders in the UK, all of which offer numerous loan options along with some of the most competitive interest rates. This means you gain access to a wide panel of lenders from just one single search, which we can undertake on your behalf.
No Paperwork Involved
By applying online, it means that you do not have to wait for paperwork to be sent through for you to sign, which you then have to return. This process can take a couple of weeks or more before money is paid into the bank.
If you want a fast loan to provide money to tide you over or to meet an emergency financial outlay, fast loans or same day loans online as they are also called, can be a lifeline.
Choices of Fast Loans No Guarantor
So now, let us take a look at the choices of fast loans that you can apply for online in more detail so you can choose the most suitable.
The most suitable is going to depend on various factors. These include:
- Your credit rating;
- How much you can afford to borrow;
- Your current circumstances;
- Your income and outgoings;
- How long you want to take the loan over.
All of the above are factored in when considering which type of loan. Some loans are easier to get if your credit rating is not perfect, while others will allow you to borrow more money.
Payday and Short-term Loans
Payday and short-term loans are both types of loan suitable for people who want to borrow just a small sum of money and who do not want a loan hanging over their heads for many years.
The payday loan is perhaps the easiest loan to be approved for as it provides only a small amount of money and it is paid back fast. With this type of loan, you might be eligible to borrow from £100 to £500 and spread the cost of borrowing over one to three paydays. Essentially this becomes a one to three-month loan.
By spreading the cost of borrowing out for three paydays, the loan is split into three equal repayments, including interest on the loan. These installments are repaid when your paydays come around. This can be a way to get out of a tight financial spot that you have found yourself in, which you did not budget for as it came unexpectedly. This may be due to:
- Overspending and finding you are short of money until next payday;
- Being met with an unexpected bill;
- Forgetting a loved one’s birthday or anniversary and finding you don’t have the money to pay for a gift until next payday which is after their birthday;
- Your car breaks down and you need money to pay for repairs;
- An appliance breaks down and it needs repairing.
These are just a few of the many reasons where a payday loan might be used to tide you over, providing you know you can repay it on your next payday.
Interest on the payday loan is usually added onto the loan on a daily basis due to the fact that you are going to be repaying the loan back very quickly. The APR shown on the loan will often be in the many thousands of percent but this would be over the year. Therefore, you will not attract that much interest on your loan, providing you pay the loan on time and pay in full on the agreed dates.
You might find yourself in need of money fast but need to borrow more than what is offered with a payday loan.
Perhaps your roof is leaking and you need money to fix it, or a larger appliance needs replacing, such as your cooker or freezer. In cases such as these, you might need to borrow between £500 and £1,000 and need to be able to spread the cost of borrowing for longer than three months.
Spread the Cost of Borrowing For Up to 12 Months
Short-term fast loans no guarantor can come in handy in any of these situations as you could borrow the money and spread out the cost for up to one year. This is going to depend on the lender of course and your credit rating.
The application for a short-term loan is easy and quick and you get an instant decision. Within minutes, you would know whether you are approved and money could be paid into your bank account on the same day, often within hours.
Do I Need A Guarantor for Personal Loans?
Another type of loan that is fast to apply for is a personal loan. You also do not need a guarantor standing by your side for this type of loan, but this type of loan is usually more difficult to find approval for unless your credit rating is good.
With a personal loan, you might be able to borrow up to £15,000 and spread the cost of the loan out for up to 36 months.
Lenders Consider Credit Ratings and Affordability
The best rates of interest are reserved for those with the best credit ratings; however, we work with a panel of lenders offering some of the most competitive rates of interest based on your circumstances.
Lenders will want to check your credit rating when you apply for the loan, however, at the same time the lenders we work with will consider your current circumstances. They will take into account whether they think the loan is affordable.
To do this they take what you pay out each month and subtract it from the amount of money you have coming in. The amount of money left over is what is called disposable income, meaning you can spend it on anything you want. This money could be used for paying the monthly loan repayments.
When considering personal loans the amount of interest paid will be dependent on the APR of the loan. Therefore, choose a loan that offers the lowest annual percentage rate.
You also have to factor in that spreading the cost of the loan over many years can make the loan installments more affordable, but in the end, you do pay more in total for borrowing. Try to find a fine line between affordable monthly payments and keeping borrowing to a minimum.
Before applying for a loan it might be wise to undertake a disposable income check yourself to determine how much income you have left over each month. This will give you an idea whether the repayments of a loan are going to be affordable.
Are You Eligible For A Loan?
All of the loans mentioned above are fast loans that come with an instant decision. You do not need to have someone standing by your side when applying for the loan. However, you do need to meet certain requirements when applying for a loan and these are:
- Being at least 18 years old;
- You have to be a resident in the United Kingdom;
- You need a regular income;
- You should hold a bank account in your name;
- Have a debit card attached to the bank account;
- The bank account can have direct debits set up on it.
When considering an income regular, the lender means any income that is paid into your bank account on a regular basis. This usually applies to an income from work or certain types of benefit.
We can help you to find fast loans no guarantor whatever your credit status. We work alongside a large panel of lenders in the UK, all who offer some of the most competitive rates of interest and numerous loan options. Lenders give an instant decision and money is paid out fast if approved. All lenders take your current circumstances into account along with your credit rating.