Why Do I Need to Apply for No Guarantor Loans?
According to the general lending rules, presenting a guarantor is must for any borrower. The guarantor must be an individual, who helps the primary borrower to qualify for the loan. It becomes mandatory when the borrower has a poor or low credit score. Contrariwise, the guarantor must have a stable income source and a good credit score.
For the last few years, the problems like bad credit scores are increasing a lot and most of the people are finding difficult to borrow pounds because no one is going to trust their repayment capacity and the rejection becomes their fate. This was the main reason why the lenders had especially brought no guarantor loans in UK for the individuals with poor credit histories.
Nowadays, one can easily witness the wide range of lending options irrespective of good or bad credit backgrounds. In fact, some lenders are also planning to make specialised deals like the loans for bad credit with no guarantor and no fees. As a borrower, you can avail any of these loan offers and survive in tricky financial times.
Sending application for the no guarantor loans is no more a cumbersome process because the online procedure is prevailing to ease the borrowers’ stress.
May You Explain Me How No Guarantor Loans Process?
You must be thinking that the specialised loan deals must have specialised lending process. Well, it is not as such, because VirginBucks UK is working online and providing each loan deal through a simple and straightforward application procedure. We don’t mind if you are applying any of our personal loans or the loans for bad credit with no guarantor, we transfer the funds to your bank account, if approved.
The process of applying for loans without guarantor from direct lender works like any other small loan. It involves these simple steps:
- You will put in a loan application online and wait for the initial stage approval.
- Once the lender approves it, you will submit your income statement that the lender will review to determine your repayment capacity. It takes hardly a few seconds after submission of your documents.
- Once you sign the agreement, you will get funds directly in your account. This entire procedure takes a couple of hours only.
Such loan process is applicable for those British residents, who are above 18 years of age and earning a full-time or part-time income. Of course, credit score does matter but we also assist people with very poor credit scores via very bad credit loans.
What Exemptions Can I Obtain On No Guarantor Loans?
ARRANGING A GUARANTOR with a good credit history when you need money for emergency is extremely difficult. Further, most of the time people hesitate to act as a guarantor when they know they will end up losing credit score and paying off your loan in case of default. This is why we do not insist on such obligation.
These loans for bad credit with no guarantor are UNSECURED LOANS where you do not need to put collateral to borrow money.
When you take out these loans, a direct lender will not run a credit check. By considering the small amount of the loan, credit assessment may not be suitable and that is why we are ready to fund our borrowers with bad credit loans with no guarantor and no credit check process.
What Features Dominate My No Guarantor Loan Offer?
Each and every loan deal here is finalised only after a proper analysis of borrowers’ current financial scenario. Here are the dominated features:
- Since these loans without guarantor come with such feature, we will decide the disbursal limit after careful consideration of your income statement.
- You are likely to get money less than you quote, as our aim is not to have you in a permanent circle of debt.
- Loans without guarantor can come in installment loans as well as payday loans. Whether it involves lump sum payment or fixed instalments, you will be entirely responsible for making repayments.
- Will it affect interest rates? It is the most intriguing question that comes to mind of several borrowers. We assure you that our interest rates will be more competitive than other lenders.
We make efforts to provide you with bespoke loan offers that fit your budget.
Can I Look for Other Lending Products with No Guarantor Feature?
Yes of course!
The changed conceptions into the lending process have made every loan deal possible for every sort of borrower. They can consider the loans without guarantor in different format and for different purposes. For instance:
Fulfilling the Long Term Financial Goals
Surprised? You should be because availing the long term loans with no guarantor was just the mere anticipation few years ago. It is a reality now and in fact, many borrowers have already taken their benefits. However, one more reality is that the collateral should back such loans, which should be equivalent to the actual loan amount.
One can only expect these loans from direct lenders only. They are flexible to their approach and can modify the loan offer according to the capacity of the borrowers. One can experience this by getting the very bad credit loans with no guarantor from direct lender on the competitive rates of interest and flexible repayment schedule. Purchasing a home or establishing your own business is quite possible through these installment loans no matter you have a guarantor or not.
There is one more surprise for you! The direct lender has brought more for the People where it is offering long term loans for bad credit people. It certainly reflects the modern approach because its priority is to serve the financial interests of each individual. Remember, these loans are available with no guarantor claim. Amazing! Right?
Accomplishing Personal Desires like Buying a Car
Now you can dream of riding your most favourite car without seeking anyone’s assistance not only in arranging funds but also in becoming your guarantor while applying for the loans. The facility of no guarantor is also applicable on the car loans and again the direct lenders have made it possible.
Why you are wasting so many pounds on repairing your old car especially when you have lenient no guarantor loan offers to avail. Some direct lenders are financing up to 70% of total cost of your dream car. Thus, don’t think to too much, just apply and fulfil your aspiration.
VirginBucks UK illustrates the effective direct lending procedure where every sort of financial issues have a perfect solution. Apply now and enter your name into the list of those borrowers, who obtain our loans for bad credit with no guarantor and no fees on instant decision, and gain a crucial benefit of a balanced financial life.
6 must read questions for No Guarantor Loans
I don’t have a guarantor, what possibility I can see in terms of loans? Am I Eligible?
Yes, you can get loans without guarantor.
In earlier times, loan providers find risky to give loans without any guarantor but many online lenders in the UK like Virgin Bucks is ready to give you pounds with affordable interest rate, but before borrowing money, you have to prove them that you can make repayment on schedule time and for that, you must have at least good income status or credit score.
However, in case of less-than-stellar credit score, you can borrow a small amount without any guarantor. Virgin Bucks understands the problem of those borrowers who need urgent money but their bad credit and no one is ready to become a guarantor become the obstacles of their path to get money. But, this FinTech Company providing you a loan without any guarantor, with no upfront fees and on same-day disbursal.
My finances have suffered due to very bad credit, Can Direct Lender Help Me?
Of course, direct lender will help you. But before giving you the reasons, we would like to suggest you that don’t expect such immunity from the mainstream lenders particularly from the banks. You have very bad credit score, which means you have an adverse credit background. The traditional lenders may help you but with extremely high interest rates.
Expecting very bad credit loans with no guarantor from direct lender like VirginBucks is always a possibility. Here, loan approval does not come on the basis of credit history but determined through your income capacity. Interest rates will be higher but will be finalised only after discussing with you about your recent financial capacity.
It is very important for the borrowers to keep their employment status alive at the time of applying for the loans.
How much no credit check factor influence my loan application?
It does and in a big way. Despite the lenient nature of FinTech lending, there are still many loan providers in the UK, who conduct hard credit check of the borrowers. And, if they find anything negative, they do not mind rejecting the loan application. If a lender does a soft credit check or a complete no credit check, then it will be a big relief to those borrowers who suffer from no credit history or bad credit score.
In fact, a few direct lenders like VirginBucks are providing specialised lending products by keeping this feature into their mind. For instance, bad credit loans with no guarantor and no credit check. Here, the lenders’ nod to the loan application determines through earning capacity of the particular borrower and also the current financial stature.
Which other exemption can direct lender provide me besides no guarantor?
Since the growing impact of online lending, many changes have been done in the loan process. And now the lenders are using more specific funding options. For the people with bad credit scores, they always find difficulty in not having a guarantor. It is not the problem of one or two persons, instead it is the common problem for which people look towards the lenders.
Fortunately, lenders have not disappointed them and in fact, they are ready to provide more benefits to them such as loans for bad credit with no guarantor, no fees and instant decision. They do not charge anything in the name of extra charges and keep borrowers free from such burden. Similarly, the online application process prevails and that led the chance of getting instant decision is always there.
How no guarantor loans help me pay out miscellaneous expenses?
You know some expenses come without any indication and they will create problem especially when you have limited funds. In reality, these expenses often create the scenario of financial emergency in your life. In such situation, you cannot rely upon the long term loans because they need to time to approval. In fact, the small funding resources like no guarantor loans in UK can work best for you and bring desired funds on an immediate basis.
You can straightway apply for the loans without considering any third party involvement. As quickly you submit your loan application, the lender will able to examine it and approve it finally. Therefore, these small loans have the major significance during the urgent situation. Moreover, it is also important that you apply through online medium to approval more instantly.
What interest rates can I expect on loans for bad credit, high or steady, at least?
Fulfilling the eligibility criteria, completing the application process and following the obligations are those things which any borrower can perform. But one thing that is not in the hands of the borrowers is the interest rate. Although the rates may vary from one lender to another but when it comes to the people with bad credit, they automatically increase for which the borrowers have to agree upon.
Situation becomes tougher when these individuals do not have the guarantor too. Lender can consider these factors and put high interest rates on loans for bad credit with no guarantor. On the other hand, VirginBucks is committed to offer the competitive interest rates that will suit the individual circumstances. As long as you are earning, we do not have any problem to approve your loan application. It is always happy borrowing from us.