Getting a No Guarantor Loan with Bad Credit

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Getting a No Guarantor Loan with Bad Credit

Loans are a surefire way for most people to escape sticky situations. This is especially true if we consider emergencies, and how they can creep up on us at inopportune moments. Thankfully, loans offer a way out of these modern financial challenges.

To get access to financial assistance, there are specific criteria that must be met by the prospective loanee. One of the major criteria for applying for loans from traditional sources is your credit score. Most people who really need a loan often have a bad credit score and this is where loan brokers such as FastPaydayLoans come in.

FastPayDayLoans offers bad credit loans which are essentially higher-interest loans given to individuals with bad credit. The idea is to provide high-risk loans from the lender’s perspective with potentially high interest to balance the risk involved in giving loans to individuals with bad credit scores. An important criterium to get a loan like this is proof that the loanee can pay back the loan within the stipulated period.

What are No Guarantor Loans?

No guarantor loans as the name imply refer to a special type of bad credit loan available to individuals who not only have bad credit but have no one to stand in for them as guarantors.

A guarantor is basically someone who’s willing to take up the responsibility of repaying the loan and interests should the loanee fail to do so.

These loans have become quite commonplace over the past couple of years as most individuals who have bad credit often don’t have anyone who can stick out their necks for them. Therefore, they are caught in a mirage of inadequate finances and the inability to access financial credit facilities due to their credit scores and the unavailability of a guarantor.

Most No guarantor loans brokers offer up to £5000 in loans to individuals who meet the criteria. The minimum No guarantor loan offered by FastPaydayLoans is £100. Thanks to the lenient requirements for this loan, loanees with bad credit can almost be certain of getting a loan offer as long as they are able to provide a verifiable income-paying job with proof of payment from the employer.

In comparison to most other no-guarantor loan brokers, FastPaydayLoans offers a rather competitive APR which sits at about 49.7%(variable). While considering these numbers, it’s important to keep in mind that they are representative of no-guarantor loans only.

Can I Get a Loan with Bad Credit Without a Guarantor?

Yes, you can get access to a loan with bad credit, and without a guarantor, however, this offer is only available with a few loan brokers. One such loan broker offering no guarantor loans for people with bad credit in the UK is FastPaydayLoans.

With a flexible loan repayment option of up to 36 months, prospective loanees can be sure to spread repayment over extended periods to avoid taking another loan to settle existing loan repayments as is often the case with most other brokers.

What Can You Use the Money For?

Prospective loanees can use the money for whatever financial emergencies that they are experiencing.  It’s important to note that taking loans for regular expenditure is a surefire way to remain in debt and consequently suffer the effects of a bad credit score, therefore, it’s advised that loanees take loans, especially high APR loans only when extremely necessary, and even then, loanees must ensure to take the exact amount required, and no more.

Emergency financial requirements such as food, medical bills, and other essentials are often touted as some of the more important things that you can use the money for.

Can I Get a Loan Without a Credit Check and No Guarantor?

Yes, prospective loanees who meet all the stated criteria can get a loan without a credit check and with no guarantor. However, as stated earlier, these loans often attract slightly higher interest rates given the high risk involved with lending money to individuals with bad credits, and no guarantors to cover risks.

Lenders who take the risk are often interested in the current ability of the loanee to repay the said loans. This means that only loanees who can prove beyond reasonable doubt their income sources, and ability to repay the loan within the stipulated period are offered a loan.

To apply for a no-guarantor loan, simply access the online application form and follow these steps:

Complete the Online Application Form

Simply fill out all required fields on the online application form from this site. Remember that a more accurate representation of yourself and your financial state will help you secure a loan.

Get Quotes

The next step involves awaiting quotes from prospective lenders who are basically willing to take a bet on you and checking these quotes to ensure that you are completely satisfied with the conditions provided.

Get Money

After you have gone through the quotes and you are satisfied with the provisions, and conditions of the quotes, all you have to do is accept the quote and you should get the requested loan amount in your bank account immediately.

Conclusion

FastPayDayLoans has a direct application procedure. All that’s required from potential loanees are the location and income information on FastPayDayLoans  online form. Prospective loan applications will then be forwarded by the loan broker (FastPayDayLoans) to its network of lenders, who will conduct a high-level risk assessment on the applications and decide if a prospective loanee qualifies for current loan terms after reviewing their details.

Without having to go through a drawn-out loan approval process, getting rapid payday loans from FastPayDayLoans ensures immediate payday loans without guarantors, and with bad credit scores structured to assist you in dealing with emergencies instantly.

Read Also: What Is the Correct Age to Buy a Health Insurance Policy?

Investigate your alternatives by visiting the FastPayDayLoans website. Use any internet-capable device to fill out all loan applications, then expect lenders to get in touch with you with immediate no-guarantor payday loan proposals.

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