Bad Credit Loans No Guarantor
Before getting in the details of bad credit loans no guarantor, Let us understand what are bad credit loans and a guarantor.
Bad Credit loans
Every once in a while we are in a situation where we need of some extra bucks. The extra financial requirement may be because of some unforeseen situation. You have a vehicle which needs a repair, house needs a little bit of renovation, you have some medical or phone bills which you need to pay. Possibilities are endless.
In circumstances like this you don’t have much savings to help you with that, you have no option but to borrow a loan. But borrowing loans is not that easy. Most of the banks nowadays don’t provide loans to people having a bad credit history.
Your credit history may be poor because of past transactions with your account. Depending upon your dealings in the past a credit score is given to you, it may be a good or bad credit score. There is a number of reasons upon which your score depends like how timely your previous loan repayments were, did you have any debts, have your loan application been rejected in the past, etc.
So if you have a bad credit score, it may be difficult to get a loan. However, with bad credit loans, it isn’t that difficult.
Bad credit loans or poor credit loans are the type of loans that people can apply for if they have a bad credit history. You can get an amount between
£50 to £3000 as a loan. Having a poor credit score does not minimize your chances of getting a bad credit loan.
Guarantor
A guarantor or a Co-signer is someone who
vouches for you. They are the person who backs you by making repayments if you fail to do so.
In simple words, if the borrower defaults on the loan, the guarantor is the one who pays the debt. Most of the banks and lenders now prefer guarantor loans as they have an insurance that they are going to get paid one way or another. It helps a lot to people who have a bad credit score, having a guarantor can improve their chances of getting credit.
But now most of the lenders are providing loans even if you have a bad credit and no guarantor (Bad credit loans no guarantor).
Bad Credit Loans No Guarantor
Small loans that you can borrow from a lender despite having a bad credit and no guarantor are termed as
Bad credit loans no guarantor. This type of loans is provided by many lenders in the UK.
Now people don’t have to worry if they don’t have someone who can vouch for them. Getting
Bad credit loans no guarantor is easy, all you have to do is go to the lender’s website and fill in the application form. Be careful while filling in the form, don’t provide incorrect details to the lender. After submitting the form, you can get the loan amount within 15 minutes.
You just have to fit the below-mentioned criteria in order to get
Bad credit loans no guarantor –
- They must be 18 years and above
- A UK resident
- Must have a cell phone and working number
- Must have an active bank account
Read:
Personal Contract Purchase (PCP)