Which payday loan is
best for people with
Which payday loan is best for people with bad credit?
305.9% APR. £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)
No Guarantor Loans In The UK
Before the recent emergence of innovative new financial solutions in the market, the continuing dependence of people and businesses on loans and other loan services made a lasting impact on the lending market. As the demands for loans from traditional lending institutions have steadily increased over the years, banks and other lending firms have come up with a system designed to ferret out borrowers that aren’t likely capable to pay off their loans. With this system in place, borrowers who were often either late in paying off the regular dues for their debts or have not paid their debts at all, had their records reflect bad payment histories; while borrowers who either have incomes deemed unsatisfactory by lenders or have no stable source of income at all were given poor credit scores.
As a result, borrowers with bad credit were often given little alternatives in times of severe financial crises. With poor credit scores and bad payment histories, borrowers were automatically precluded from procuring any more additional loans from traditional lending institutions and firms.
Borrowing from friends and family or securing underground loans from lenders trading illegally were often the only other alternatives left for borrowers with bad credit. And while borrowing from friends and family may seem like the best solution in times of urgent situations, it doesn’t always make the most plausible resolution in every financial condition.
Securing underground loan agreements from illegally operating lenders, on the other hand — while they often make the most plausible resolutions in times of urgent financial situations — also often leave borrowers in even worse financial states. Because of the inherent high interest rates associated with underground loans from illegally operating lenders, borrowers are often left to pay for payment increments that they can hardly afford. But with the innovative new financial solutions specially created for individuals with bad credit, borrowers now have access to a multitude of innovative new solutions.
What Are No Guarantor Loans?
No guarantor loans are one of the most important among the innovative new financial solutions for borrowers with bad credit. With no guarantor loans, borrowers can enjoy most of the advantages that come with many of the conventional loans that are being offered by traditional lending institutions, without having to endure the disadvantages that usually come with procuring these loans. No guarantor loans are especially helpful in times of urgent financial situations — where unforeseen costs come up unexpectedly. In applying for these types of loans, borrowers need not wait in long lines for hours, as in the case in applying for loans from most traditional lending institutions, especially banks and other similar firms. And because applications for no guarantor loans can be done anywhere, anytime online, borrowers can expect for the processing of their loans in the shortest possible time.
No guarantor loans are the best answer to borrowers’ temporary financial situations. Because these loans can be availed of in much shorter time than most conventional loans from traditional lenders, borrowers can count on no guarantor loans in times of urgent financial crises. These financial solutions can help borrowers address unforeseen expenses such as hospital bills, accident-related costs, car repairs, home repairs as well as other expenses that might stem out of unexpected situations — such as loss resulting from theft or robbery and other similar instances. No guarantor loans can also help borrowers in relatively affordable purchases that are usually hard to save up for — such as those that involve travel, or new gadgets such as laptops and cellphones and other similar expenses.
But while no guarantor loans bring borrowers numerous advantages, they do not make good resolutions in situations that require long-term financial solutions. Because no guarantor loans are often short term loans in small amounts, financial situations that require loans in much higher amounts cannot be addressed with no guarantor loans.
No Guarantor Loans for Bad Credit
With the innovative new loan solutions now readily available in the market, individuals with poor credit scores and bad payment histories no longer have to worry in times of urgent financial crises. Because no guarantor loans do not necessitate any more added requirements, applications and approvals for these loan solutions do not take long. Through no guarantor loans for bad credit, borrowers can expect for instantaneous processing of their applications, the approval of which can take as little as minutes. Funds for approved loans, on the other hand, are usually released within the same day that the borrower’s application was submitted.
While borrowers in the past were precluded from securing any more loans from any of the traditional lending institutions, the recent and continuing innovations in the lending market now guarantee assistance even for borrowers with bad credit. Through no guarantor loans bad credit, borrowers now have access to more flexible, more affordable, and much more secure financial solutions, even despite their bad credit scores and unacceptable payment histories. Unlike the conventional loans being offered by many traditional lending institutions, no guarantor loans for bad credit can be procured by borrowers without having to submit requirements that are nearly impossible to obtain. While other types of loans require of borrowers not only hard-to-obtain documentary requirements but also guarantees coming from third parties, no guarantor loans for bad credit only necessitate basic documentary requirements.
But since no guarantor loans are typically small loans on usually short term payment conditions, borrowers in much severe financial situations are best off procuring bigger loans in longer payment in terms.
No Guarantor Loans In An Instant
Instant loans are among the most popular and most in-demand among the innovative new financial solutions that are now readily available in the lending market — and for good reason. Through these types of loans, borrowers need not endure the usual difficulties that securing conventional loans from many traditional lending firms often entail. While procuring loans from the latter often involve waiting in long lines to submit loan applications that often take weeks for lenders to process, applications for no guarantor instant loans are processed immediately — allowing for the release of funds for approved loans in as little as mere hours. Because of this, instant loans make the best financial resolutions in urgent situations. With instant loans, borrowers can now address unexpected expenses without having to go through the often tumultuous processes often entailed in applications for conventional loans.
Instant loans are highly flexible and ideal for expenses that can range from anything that might stem out of urgent situations — such as car repairs, home repairs, and other similar costs — to relatively small purchases such as those that involve vacations, new gadgets, new clothes, as well as other similar expenses. With the help of innovative new loans such as instant loans, borrowers can count on loans in times of difficult financial situations. And because funds for these loans can be released almost instantly, borrowers need not worry about being in trouble financially.
But because instant loans — like no guarantor loans — are basically small loans that borrowers can procure on short term conditions, they are not always the best resolution in every financial situation. Borrowers with financial needs in amounts that far exceed the amounts that instant loans can yield are best off procuring loans on long term payment conditions.
No Guarantor Loans Direct Lenders
For most borrowers, procuring loans from direct lenders yield the best benefits in terms of savings — mainly due to a common belief that securing loans with the help of loan brokers often lead to unnecessary fees. But while it’s true that some brokers do charge certain fees for their services, a lot of borrowers do not realize that procuring loans with the help of lenders does have its many different advantages. Because brokers have extensive access to a network of different lenders across many different regions, they also have access to the many different deals and promotions that lenders often offer on their different loan services. Due to this, securing loans through loan brokers actually, allow borrowers more savings than procuring loans directly through lenders. While borrowers may at times be able to find good deals with some direct lenders, they have more chances of finding even better deals by securing the help of loan brokers.
Borrowers are urged to take extra measures in procuring loans from both loan brokers and direct lenders, however, as these days there are many fraudulent firms that pretend to be legitimate — especially over the internet.
When Are Guarantor Loans The Right Choice?
Because no guarantor loans do not always make the best resolutions especially in times of severe financial situations, borrowers often feel constrained in finding flexible financial solutions — especially because of their bad credit conditions. With guarantor loans, however, borrowers now have access to secure, flexible and highly affordable financial solutions. With guarantor loans, borrowers are allowed the advantages that often come with most conventional loans from traditional lending institutions, without having to undergo all the inconveniences usually brought about by applications for these types of loans.
Guarantor loans are secured loans that necessitate borrowers additional requirements. These requirements provide lenders with enough confidence in borrowers to allow them to secure loans in much higher amounts compared to that of small loans on short term conditions. Because guarantor loans are guaranteed loans that necessitate the help of a guarantor, borrowers are afforded more leniency by the lenders. But because guarantors have to be individuals with good credit scores who are willing to repay the borrowers’ loans if they default on them for any reason — borrowers do not always find it easy to enlist the help of borrowers. While borrowers may at times find a few people willing to vouch for their loans, the guarantors still have to be screened by the lenders to ensure that they have good credit scores. Lenders generally do not allow borrowers’ spouses to act as guarantors, as they are often considered co-borrowers in agreements for most loans. Because of this, borrowers often find guarantor loans as implausible solutions, considering all the difficulties associated with procuring these types of loans.
But while these loans do not always make plausible solutions they make the best resolutions in times of financial situations that require long term solutions. For borrowers hoping to secure long term loans without the help of guarantors, collateral loans might be the next best solution.
How to Get No Guarantor Loan
Compared to the application procedures involved in procuring conventional loans from most traditional lending firms and institutions, the procedures involved in securing guarantor loans are a whole lot faster and made much simpler. Because applications for these types of loans allow borrowers the advantage of completing and submitting their applications entirely online, borrowers have the convenience of submitting their loan applications anywhere, anytime. Procedures involved in securing applications for no guarantor loans often differ from one lender to another, but they generally include the following:
- Securing application forms. Because applications for no guarantor loans can be completely done online, borrowers need only register online.
- Filling up application forms. Application forms are extremely important in securing loans as they contain all the information that the lenders hope to find out from the borrowers. For this reason, borrowers are advised to be extremely careful in filling up these forms and to take due measures in making sure that the forms are duly completed.
- Pertinent documentary requirements as attachments. No guarantor loans do not necessitate to borrowers any additional requirements, but lenders do require borrowers to submit basic requirements to prove not only their identities but their financial capacities as well. These requirements often include proof of identification such as valid ID cards, social security, proof of income such as the latest statement of account, residential number, and a working phone number and email.
- Submission of application. In the submission of application, borrowers are strongly advised to make sure that their application forms are duly filled up with the correct information, and that the pertinent requirements being asked of them in the applications are verified authentic and complete. Failure to do so may not only result in unnecessary delays of their applications’ processing but may even result in their outright rejection in some cases.