Loans without Guarantors: A Guide from an Expert

by Adrina Martinez Personal Loan Lender

Availing personal funds in the UK have become easier for bad credit customers thanks to the financial technology (FinTech). Various FinTech direct lenders offer instant loans without guarantors irrespective of the credit scores of the prospective borrowers. The loan aspirants don’t have to face disappointment by requesting people to co-sign their applications. To access these options, they just need to fill their personal details and the required amount in the small online form present on the website of any reliable lender. Hence, these hassle-free funds allow them to cope with the sudden expenses in a better way.

Numerous lending companies are offering fresh deals on these personal funds with no guarantor but now the question is – are these deals authentic? Well, FCA has given a go-ahead to the certified lenders to offer instant cash with no liabilities. But, some illegitimate lenders are also offering such loans and cheating customers by charging high extra fees. Be wary of such frauds and always try to take lending services of only certified lenders.

No matter how much these financing options are advantageous but they have certain disadvantages too. Let’s quickly review both advantages and disadvantages of bad credit loans with instant decision with no fee and no guarantor:

Advantages are Just Tempting

·         An applicant doesn’t need to go anywhere or stand in queues. No hard copies or soft copies are required to get the approval. Just be ready with the personal details and the cash amount that you need to borrow.

·         As the guarantors are not required, you don’t need to run after people and waste time in requesting them to give a guarantee.

·         Submitting a valuable asset against each loan was an old method. Modern lending don’t ask a person to submit the collateral. You are eligible to get these funds even when you are a tenant and have nothing to pledge.

·         People have chances to grab low-cost deals as no brokers are involved and hence no broking fee to be paid. Moreover, APRs are affordable and can be negotiated further down.

·         Most of the top FinTech lenders give positive decisions in less 1-hour and promise to disburse the guaranteed funds in less than a day. It happens only when you provide your accurate bank details to the lender.

·         No tough terms and no credit check step are there to harass bad credit customers. Bad credit loans with instant decision with no fee and no guarantor can be availed without submitting the latest credit report.

·         You have complete freedom to choose tenure from 6 months to 10 years. Also, you can borrow any amount up to £100000. Repayment schedules can be customised as per your repayment power. You can repay in flexible instalments without worrying about your monthly budget.

·         Good chances to improve your credit score by making repayments on time.

 

Disadvantages That You Should Be Wary About

·         It is quite risky to offer guaranteed funds to bad credit people, defaulters, bankrupt, and CCJs. So, the online lenders charge higher APRs on unsecured funding solutions as compared to the secured ones.

·         If you are borrowing these funds from an uncertified lender then chances of a fraud are higher.

·         Sometimes, you are forced to pay extra charges i.e. upfront fee, processing fee, lender fee, etc. Hidden charges also trouble you during the tenure.

 

How to Apply?

Loans without guarantors have fewer disadvantages and you can negate them by choosing a reliable lender. If your direct lender is supportive then you can even borrow funds at a very low-cost and save yourself from hidden charges. So, try to search for the top lender who is trustworthy and can lend you without giving any troubles. Once you have chosen the right lender and the best deal, go to the “apply here” page, fill your details and tap on submit button.

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Created on Sep 29th 2017 01:52. Viewed 872 times.

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