What Are 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.
How no guarantor loans works?
The process of applying for no guarantor loans works like any other small loan. 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.
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 that means 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. Since these loans 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.
How to Apply for No Guarantor Loans with Bad Credit
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.
Just 3 steps, you have heard it right, that you need to follow to apply for the loans:
- Press on to ‘Apply Now’ button and it opens up an online form
- Fill the form with personal details (we respect the privacy of our borrowers’ personal details)
- Complete it and Submit your loan application
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.
Available Loans without Guarantor in UK
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:
- Long Term Loans
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 on the competitive rates of interest and flexible repayment schedule. Purchasing a home or establishing your own business is quite possible through these 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?
- Car Loans
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 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 bad credit loans with no guarantor, and gain a crucial benefit of a balanced financial life.