Tuesday, January 8, 2019

Can You Get Loan without Guarantor?

The absence of a guarantor may compel you to feel insecure at the time when financial emergencies crop up. This does not happen only to you. In fact, most people, who are unable to arrange a reliable guarantor, often feel stressed about securing loan approval. Fortunately, a loan without a guarantor is available in the marketplace and does not let your current circumstances rule over your financial well-being.
Why Do People Refuse to Co-sign?
For an individual, who has multiple pending bills, medical expenses, and credit card bills to deal with, people often refuse to co-sign. The most obvious reason for this would be the responsibility of making repayment if in case you miss or make a default. If someone else owes the responsibility of repaying the loan in your absence, he or she may feel a burden due to your carelessness. That is why people usually deny your request for becoming a guarantor in your time of need.

How the Absence of Guarantor Simplify the Application?
Involvement of guarantor means involvement of documentation and other formalities. But, the absence of guarantor is considered as the comfortable application process. There is no doubt that going through the formalities seems a headache especially when the funds are needed fast. Fortunately, you need not see someone’s face if you are in urgent need of funds. Today, loans are easy to avail on an instant basis.
Why Lenders Do Not Ask for Human Guarantee?
Of course, the question might strike your mind why lenders do not ask for human guarantees while funding your needs. The leniency and flexibility of their lending process may be responsible for it. Actually, online lenders are different from traditional banks where human guarantee or collateral is required for approving your loan request. If you go online, you will indeed find lenders, who believe in your ability to afford the repayment, not the formalities you can meet.
What If Unemployment Is Another Issue?
To get approval on loans in the absence of a guarantor, you just need to have a steady income. Wondering how unemployed individuals can take advantage of loans? No worries as receiving government grants, pension, and earnings from the rental property could help. Make sure you must have any of these resources to convince the lender for considering your loan request. Therefore,  loan for unemployed people is not out of the reach.


    Friday, January 4, 2019

    Why Bad Credit Holders Should Choose Loans Without Guarantor?

    Bad credit is the worst pointer of an individual's financial expertise. Although there could be multiple possible reasons why one does not have a good credit score which may include personal reasons or just like majority of cases, his or her financial abilities could have been significantly affected by a professional setback, whether it is with the clients (if one is self-employed) or maybe during the employment (there is a demotion or the person has been fired).



    Whatever the reason may be, banks and lenders, while considering your loan application need to have a convincing reason for approval. So, taking into consideration the worst-case scenario, you can still apply for loans for bad credit with no guarantor and no fees in an unemployed situation. However, there are several pre-requisites such as you must be at least 18 years old and should be a resident of the United Kingdom. Other than these, there are a few criteria, which we will discuss in this blog as we enlist the reasons why having a guarantor for unemployed loans could benefit you in different ways.

    1. Guaranteed Loan Approval

    Since the guarantor needs to have a good credit score, he or she being a co-signer gives the concerned lender enough confidence and assurance that even if you, as the lender own a bad credit score, as soon as a brief verification of the guarantor's information is completed, the loan amount is deposited in the registered account within the shortest time possible. This processing time is the longest when you are dealing with the bank and shortest if a local agent is handling your documents. Although statistically, banks are more secured but as long as a lender is certified, there should not be any problem in dealing with them.
    Moreover, based on the ability of the guarantor, you can even get good loan deals including competitive interest rates with flexible options to renegotiate even during the lending period.

    2. Guarantor loans have less interest

    Being more secured for the lenders, as compared to unsecured unemployed loans, guarantor loans have a considerably lower interest rate. It must also be noted that your own credit score could play a big role which may vary from lender to lender. Good credit guarantor loans would undoubtedly have lower interest than for bad credit loans but even after so many shortcomings in your personal abilities, you can still get a decent deal from selected online lenders in the UK.

    3. Improve Your Credit Score

    Since the transaction does not involve any cash, so, in case you are unable to repay the loan within the allocated time, your credit score could degrade even further. At the same time, getting a comfortable-to-pay loan that you can repay with proper monthly installments can help you improve your credit score gradually. This may not happen overnight but it is important that you strive for a good score. As soon as you are under the good credit bracket, most of your high-interest-related problems can be sorted out all at once.

    4. Sense of Responsibility

    The lender is granting you the loan because he is well assured that the money he has lent will be repaid to him. In case you do not pay it, the guarantor who would be your friend or family member would be liable for the reimbursement. He or she would be served several notices and if the loan is not repaid, firstly, not just you but even the co-signer would have to face bad remarks on his credit history. So, guarantor loans can help you realise the important sense of responsibility to not put your close ones under the knife when he or she is going out of the way to help you out when you need it the most.

    Getting an unemployed loan with a guarantor gives you a good opportunity to stand on your own feet and strive for success with someone's help but at the same time, it is imperative that you do not let that co-signer hang in the middle because of your deeds. Before signing any deal, always consult an expert and strategise properly as the inability to follow the lending protocol could lead you to further financial or even legal problems. 

    Friday, December 21, 2018

    Is Getting Personal Loan Tough with Bad Credit? May be ‘NOT’!

    Spending life without the support of a financial institution seems all but impossible. At one time or another, everyone faces difficulty maintaining the financial budget. If you are also running short of money, you must be looking forward to taking financial help, but a poor credit history invariably causes a barrier or slows down the process. Well, there is good news; you can take a personal loan even if you have a low credit history. Here are some tips that can help you take the loan successfully, but before that, you must know that what bad credit is.

    What is a Bad Credit History?
    A bad credit history is the result of your past mistakes in managing your credits. These errors include but not limited to non-remittance, late repayments, and too many hard inquiries. The worst record in the credit profile is not appreciated even if you have to borrow a personal loan.
    If your credit history is horrible, your application will be immediately turned down. However, you can get a loan despite having such tricky situations. You need to consider the following tips.  



    Look at your credit report
    Lenders can provide you with loans for personal use even if you have a poor record of repayments, but it does not mean that you exacerbate your score due to your carelessness. If your lender finds any credit information that pops up lots of doubts, your application will be cast aside without further ado.
    Clerical errors are very common. Imagine a long-term settlement is lingering on your report as unpaid or an additional zero has been added to a small amount, what will happen? Therefore peruse your report to make sure that it is up-to-date and accurate. If you find any mistake, report to your credit bureau for corrections.

    However, some financial institutions do not consider credit check if the amount is not hefty. For instance, if you want to take a personal loan for buying a laptop, the loan can be disbursed within a couple of hours without emphasis on your credit check.
    Maintaining an excellent credit record is not a cinch. Chances are you fail to repay your dues just because you are ill or admitted in the hospital or you have encountered another emergency. Failure to pay dues can wreak havoc on your credit score, but it does not mean that you are completely ineligible for putting in a loan application. Financial institutions will analyze your financial position and approve the loan.

    Tip -Getting a personal loan with bad credit history is undoubtedly arduous but do not make it impossible with a worse score.   

    Peer-to-peer lending
    Peer-To-Peer lending is the best option for people with less-than-perfect credit history as money can be borrowed at lower interest rates. You need to create your profile which will include your financial situation along with reasons for taking a personal loan. These online platforms bridge the gap between lenders and borrowers. If you have a solid reason to support your low credit, chances are a lender will not be reluctant to fund your needs.
    Tip – Try to make an appealing request and do not manipulate your financial position.

    Take advantage of your relationship with the Lender
    Whenever you need a personal loan, first you should go to the loan market where you have an existing loan. A reliable lender can easily provide you with a personal loan without checking your credit score, as you are their precious customer. Further, you can negotiate for lower interest rates by showing your eligibility to repay the loan. If any default has been made previously, you can explain your situation to your loan provider and hopefully, they will understand your situation.
    Tip - Approach to the lender where you have the existing loan so that you can bargain for lower interest rates.

    Summing up

    You can take personal loans with a poor credit history easily as they do not require any collateral and third party guarantee. However, try to increase your credit score that will help you in the long run. 

    Thursday, December 20, 2018

    Can I Apply for Guarantor Loans without Any Additional Fees?

    In the event that you are one of the bad credit holders who is hunting down a truly necessary loan to exceed your present budgetary difficulties, at that point you are at the ideal place. You might consider in what manner can a bank endorse loan even after every one of these conditions or possibly you are simply affirming whether you are a reasonable applicant.

    According to your search query- Loans without a guarantor and no upfront fees - online banks have explicit arrangements to engage such loan prerequisites. These conditions could include similarly higher financing cost however in the event that you fulfill any prerequisite from the accompanying qualification model, you can without much of a stretch apply.



    1. I am independently employed

    Be it independently employed or salaried, as long as you can exhibit your bank articulations to demonstrate your exchanges and capacity to reimburse the credit, lenders won't require a guarantor by any means. Despite the fact that the financing cost relies upon the credit rating, regardless of whether you don't have a decent history, you can apply for a loan. Besides, unsecured loans could have higher interest rates.

    2. I Have a Property

    On the off chance that you possess a property, well, you are good to go for the credit. For individuals with a good record as a consumer, lenders can give loan up to 70-80% of the valuation of the advantage. Be that as it may, on account of a bad loan, this rate can even now go up to 70% in specific cases. Besides, utilizing guarantee for the loan can spare you from the problem of stringent documentation. Because of this recognizable factor, your check procedure can be effortlessly executed within a day.

    3. I am a jobless individual with benefits

    No bank can permit loans without having certainty on the borrower's capacity to restore the amount. Be that as it may, regardless of whether you are neither salaried nor independently employed yet are being bolstered by open or private monetary benefits, for example, handicap advantages or retirement benefits, you can apply.

    4. I am searching for doorstep loans

    If there should be an occurrence of crisis, on the off chance that you require the money and in light of the bad loan, you don't need the banks to check your record as a consumer out and out, you can apply for Doorstep loans. In this plan, when you apply for the loan, a local agent gets in touch with you and sets up a gathering at your favorite location.

    How to Apply for Such Funding Sources?

    In the situation that you are among any of the aforementioned classes, you can without much of a stretch get the loan. In the interim, it is imperative to comprehend the methodology to apply for the loan. To do likewise, eminent online loan specialists have made it very basic for the candidates. You simply need to-

    1. Contact the loan specialist.
    2. Fill the application subtleties,
    3. Have a one-on-one counsel with the loan consultant, and
    4. Get the loan.
    A bit of cake, isn't that so? Possibly, however, since we are toward the finish of this adventure, there are a couple of things that you ought to remember.


    It must be noticed that all the individual conditions examined in this article don't require any credit check or guarantor. Also, each loaning alternative referenced here is free from any upfront charges. In any case, it is the duty of the borrower to guarantee that the concerned lender does not ask you for any shrouded charges in the later run.