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Representative example: £500 borrowed for 90 days. Total amount repayable is £672.60. Interest charged is £172.60, interest rate 140.0% (variable).
No Guarantor Loans UK: What You Need To Know
No guarantor loans are a flexible financial tool to see you through a cash crunch. Ideally, these loans do not require an extra person to guarantee you. No guarantor loans have a repayment period of 12 months or less. However, the repayment period is not cast on stone and can go up to 24 months. Ideally, a lump sum deposited to your UK bank account on approval, and the cash is supposed to be repaid within the stipulated time.
There are several features of no guarantor loans that make them attractive.
· Comfortable loan tenure for up to one year.
· No Guarantor Loans can be given to a person or a business.
· Access to Quick Cash
· Lower borrowing limit: The amount that one can borrow is usually relatively smaller compared to other forms of loans
· Higher Annual Percentage Rate (APR): Since these loans are only meant to be repaid within a short time, they may sometimes have a higher interest rate
· No collateral Or Guarantor Required: No guarantor loans are unsecured; hence might not require to be signed against collateral for approval. You also don’t have to have a guarantor, or even have an excellent credit to access these loans.
· Quick application process: This is perhaps one of the biggest convenience of No guarantor loans. If you’re an adult with a regular source of income and reside in the UK, you can quickly apply for the loan.
· Online application: Since these loans require minimal paperwork, you can easily apply online and have the money deposited in your bank account within no time.
· Tailor-made solutions: At NowLoan, we have direct lenders that can curate your loan to suit your financial needs.
· Improved Credit Score: No guarantor loans can help you improve your credit score. Once you make your payments on time and pay the loan successfully, it impacts your credit score positively.
· Approval even with a Bad Credit: At NowLoan, we have a large pool of direct lenders that can offer you the loan even with a bad credit history.
· Limited paperwork
· Appropriate for a variety of personal and business purposes
· Quick approval
· Quick & convenient access to funds
· Easily accessible even with a bad credit
· Easily improves your credit scoreDisadvantages
· Loan amounts are capped
· Relatively high APR
Eligibility For No Guarantor Loans
You can qualify for a no guarantor loan if:
· They reside in the UK and have a valid identification
· They have an active UK bank account and phone number
· They are at least 18 years of age
· They are salaried or self-employed
· They can provide some proof of regular income
If you meet all these requirements, the loan application and approval process can be as fast as 15 minutes, depending on the lender.
No Guarantor Loans are also accessible to people with poor credit and usually do not require a credit check. At NowLoan, we have a panel of direct lenders with no-guarantor credit facilities even to those with not-so-perfect credit. After doing a soft credit search, they’ll rely on other parameters such as your current financial status to approve your loan.
If you’ve decided to apply for a no-guarantor loan, there are several things that you should keep in mind:
· Be clear about the purpose of the loan
· Have a clear plan on how you’re going to repay the loan
· Research the interest rates and overall cost associated with the loan
· Weigh all the possible risks carefully before deciding whether to apply for the loan
· Know your loan duration and repayment plan
When Are No Guarantor Loans Not Good for You?
No guarantor loans may be a bad option for you if:
· you already have one or more unsecured loans
· you want to use it to pay off other loans
· you aren’t sure if you’ll be able to pay it back on time
· You need it to pay for things you don’t need, such as concert tickets, new clothes, vacation or even a night out.
No guarantor loans can go a long way in helping you settle urgent financial needs comfortably. So, whenever you need access to quick cash that you can repay within a short time, we can help you.
At NowLoan, we have a lender-matching software that compares no guarantor loans request with an extensive list of direct lenders to get the most qualified lender that will approve the request. Fill our 2-minute application form and get instant qualification decisions.