What are no guarantor loans?
When you have a less than perfect credit score, many lenders ask for a guarantor who can guarantee your loan. In effect this guarantor will undertake that he or she will repay the loan if the actual borrower is unable to do so. This guarantor needs to have a good credit score and better means of income. If this guarantor refuses to repay the loan when the borrower is unable to do so, they can be taken to court. With a guarantor co-signing the loan, the lender has an assurance of getting their money back, so lending money to a person who can provide poses a lower risk for the lender. This is the reason that they are able to charge a lower rate of interest.
However, during cash strapped day, you may not be lucky enough to have someone to vouch for you in a financial matter. At the same time, you may not wish to disclose your monetary troubles to your friends and relatives. Whatever be the case there are chances that you are unable to provide a person who will guarantee the loan. If you find yourself in such bad credit situation, approach Loan Princess. We will help you get no guarantor loans quite easily even if you have bad credit. We will be able to get a loan without a guarantor.
Pros and cons of no guarantor loans
The best part of applying for no guarantor loans in UK is that you save the hassle of finding someone to provide a guarantee for your loan. At the same time, not having to provide a guarantor also simplifies the paper work. Then again you do not have to discuss your credit situation with other people.
However, it may be quite difficult to get the loan by yourself if you have bad credit score, but as mentioned above, at Loan Princess we can help you get no guarantor loans for bad credit. Here you need to bear in mind that as the lender is taking a higher risk by providing you a loan without a guarantor they will most likely charge a higher rate of interest. On the other hand, if you apply for the loan through Loan Princess then we can help you get the loan at a reasonable and affordable rate of interest.
When you should opt for a no guarantor loan
Any kind of debt should be taken seriously and you should take a loan only if you really require it for a financial emergency. For example when your car breaks down or your home needs repairs you might look for one. You can also take a no guarantor loan if you need to meet emergency medical expenses which are not insured. However, make sure to never take a loan for frivolous expenditure especially if you have a bad credit score. This is because if you end up being unable to repay the loan it will worsen your credit score and also your financial position.
Always make sure to take a loan amount that you can pay back comfortably. For this you should create a budget of your monthly income and expenditure and decide how much money you will be able to save to repay your loan. In fact, if you apply for a loan through Loan Princess then our loan advisers will provide free loan advice and that includes doing the math involved in deciding the loan amount. They will also help you to decide on the tenure of the loans for bad credit no guarantor and in fact will find a tailor made loan to suit your requirements.
How to apply for a no guarantor loan when you have bad credit?
With Loan Princess the process of application for bad credit loans no guarantor is very simple and easy. In fact you do not have to leave the comfort of your home or office in order to trudge to the physical office of the lender or even our office. You can apply for the loan on our website by providing some basic information about yourself and your finances. We will forward your application to one of the many lenders associated with us and will find a match with your financial requirements and situation. In fact as mentioned above we will be able to find a loan tailor made to suit your requirements.
The entire application and approval process is conducted online and you will get access to our loan advice within a few hours. As soon as the loan is approved the money will be transferred to your account. This process is swift and save weeks of waiting for the loan to get approved and disbursed. At the same time, most traditional lenders require a face to face meeting with you before they approve your loan. In fact getting no guarantor loans with bad credit is well-nigh impossible with them, because they are not ready to take the risk associated with this type of special loan.
However, with Loan Princess the entire process of application and approval of the loan is simple and quick. This is the reason that if you are in a situation where you do not have a guarantor and have bad credit you can choose us as your loan guide.
Benefits of dealing with Loan Princess
We are a loan brokering company that complies by the FCA guidelines in the UK. At the same time, we have a very transparent and simple process of loan application and approval. We can get you loans without any upfront fees or hidden charges. The rates of interest that we avail for you are also reasonable and affordable. At the same time, with us you can be assured of being protected from loan sharks and other unscrupulous elements because we follow a completely legal procedure for the loans.
We compare loans that can be paid back over terms of between 1 and 25 years. The APR interest rate you’ll be charged depends on your personal circumstances, and will be between 3.2% and 99.9%.
This is a representative example of what it may cost: a Loan of £7,500 over 60 months at 3.3% APR would equate to monthly repayments of £135.60, and the total cost of the loan that you pay back would be £8,136.22