No Guarantor Loans

No Guarantor Loans

To understand No guarantor loans, first, we need to understand what does the term Guarantor means.

A guarantor is someone who agrees to be responsible for borrower’s loan, in case he is not able to pay off the loan amount.
A guarantor can only be someone who does not have a bad credit history. His credit history should be good so that he is be able to make repayments if the borrower does not. The guarantor should be aged between 18 to 75.

The above explains to us how the guarantor loans work if the borrower fails to make the repayment.

Very bad Credit Loans No guarantor are completely different as compared to guarantor loans. As the name suggests, no guarantor loans is a loan that doesn’t need a guarantor to make repayment of the borrower’s loan. It’s a good solution for people who do not have anyone who is willing to help them financially when they are short of money.

No Guarantor Loans

Why should you go for No guarantor loans?

The main reason to apply for No Guarantor Loans is that it does not require a guarantor, you don’t need a co-signer. They are helpful when there’s an unforeseen expense that needs immediate support. Emergencies like a small repairing at home, car servicing which costs a lot than usual, etc.

The loan amount can range from £50 to £3000 according to your budget and requirement.

 

Can we get no guarantor loans for bad credit?

The answer to the above question is ‘YES’, you can.

You don’t need a good credit history to get a no guarantor loan, that doesn’t mean that having a bad credit history is good. If your credit history is good it would be a lot easier to get a loan. You can get your credit score from Experian. The credit score ranges from 0-999 in your Experian credit report, more the credit score more is the chance to get a credit loan.

So it’s easy for people to get loans for bad credit no guarantor.

 

What are the Advantages and disadvantages of a no guarantor loan?

Advantages:

• No paperwork as no guarantor is required
• Speeds up the application process making it simple as you don’t need anyone a guarantor.

Disadvantages:

• Loans for bad credit no guarantor can be risky for the lenders, as the interest rates are higher.

 

How to get a No guarantor loan?

You can apply for loans for bad credit no guarantor through online application.
Get a loan for an amount as low as £50. You have the options to make repayment as per your comfort. You just have to go through the loan application form and you are all set.

 

Read more:
How to buy a house!

 

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