Quick loans no guarantor are becoming ever so popular across the UK. Why are people preferring these services as opposed to the traditional loaning options? Let us explore.
Every once in a while, we all fall into financial difficulties. It is a normal part of life and it is not necessarily a reflection of your ability to manage your finances. If you find yourself in such a situation, you have no option but to face it head on and find solutions. The first obvious solution is to take out a loan with your bank. Unfortunately, this process is long, tedious and it does not guarantee that you will get the loan in the amount you requested. The extensive documentation required, security and the requirement to have a guarantor does not help the situation either. Even after all that, your loan will still take a long time before you can access the funds.
Fortunately, you now have the option of Quick loans no guarantor in the UK. These loans are offered by lenders who are prepared to give borrowers an opportunity to quickly secure the funds they need without the need to arrange a guarantor. As a borrower, with the choice between the traditional banks and these lenders, your choice cannot be that hard. This is especially so because of the many distinct benefits that the lenders offer.
Here are some of the benefits of quick loans with no guarantor in the UK.
Guaranteed Loan Approval even for People with Bad Credit
Traditional lenders rely heavily on your credit score to determine if they should approve your loan application. This spells doom to people who have a poor credit score even if they have the means to repay the loan. The alternate lenders view your financial situation with a broader scope and thereby do not put a restriction on people with bad credit. The lender thereby uses other parameters to determine what loan amount you can comfortably service. Generally, they do not even look at your credit score to determine which loan amount you qualify for. Either way, you have a reasonably high chance of getting approved regardless of your financial situation.
Quick Money Disbursal even for People with No Job
Your source and amount of income should not hinder you from accessing credit. Unemployed people or people who are self-employed find it particularly hard to obtain loans because they cannot reliably guarantee their income. These people also face the challenge of getting guarantors who can trust them. With the Quick loans no guarantor, all these worries go right out of the window. Anyone can quickly draw up their application which is a testament to the quick and easy application process. The lender then quickly starts working on the applications and without much delay, the appropriate loan amount is approved and the funds approved. In some instances, all this happened within the same day.
No Security? No Problem
Apart from the credit score, collateral or loan security is a major factor hindering people from accessing loans from traditional lending institutions in the UK. In keeping with the objective of bringing the funding process within the reach of the otherwise neglected people in the UK, these lenders do not require collateral on the loan. All terms and conditions are fashioned according to the circumstances of people who would otherwise have a hard time accessing loans. Lack of collateral or adequate collateral can mean you are not approved for a loan in traditional banks. As such the ability to acquire a loan, though at a higher rate or a lower amount but with no collateral makes this service very appealing to UK residents.
Quick loans no guarantor UK are filling a gap that is already in the market. Through this service people with bad credit, no guarantor, no formal employment and lacking collateral can access quick loans just like every other citizen should. If you are looking for a quick loan in the UK but do not have any guarantor, let Bonsai Finance help you. Through our industry knowledge and experience, we are committed to helping people from all walks of life gain access to the best financial solutions in the market. We will work with you to ensure that you get the best quick loan without a guarantor in accordance with your terms. Log in to our portal or talk to us today.