A lot of borrowers find it difficult to borrow personal loans without guarantor. For, most of the high street lenders ask for a high net worth loan guarantor to extend a loan to borrower with less than perfect credit score.
A loan guarantor signs the loan agreement and provides a guaranty of repayment to the lender. In case of default the guarantor is deemed to be liable for the loan repayment and thus the lenders prefer to consider applications with guarantor.
Roping in a guarantor also helps the borrower avail a better rate of interest and saves enough on the total cost of the loan. However, it may not be possible to find a guarantor always. Manyatimes, you strictly need no guarantor loans for personal or social reasons. Herein, it could be a tall order to search for loans without guarantor from the main street lenders. You would indeed be thoroughly dependent on private loan partners who deal with people with low loan eligibility.
How to find No Guarantor Loans?
You can either Google “unsecured loans no guarantor” and check out the top 10 results to avail a direct deal for the same or use a more definitive route for the same. A lot of loan sharks also run cloak sites online. You need to be savvy to identify these sham loan shops. You must not forget to check the credentials of each lender separately.
The more convenient and hassle free method could be contacting a loan broker and raising a query. This is an unofficial loan query and is not recorded on your credit report. Brokers are the loan specialists and extend assistance to borrowers with credit issues. They usually abide by the FCA guidelines and search for tailored loans according to loan queries. When you contact a reliable loan broker, you could be rest assured to find a customised loan according to your repayment capacity.
As you share the requirement, the broker would share the available loans with no guarantor clause. You can compare and choose the best deal available. There is no obligation to pick any particular deal as brokers are loan advisors and not the loan sellers. With a broker by your side, it gets as hassle free to search for bad credit loan as it can get.
Things to keep in mind:
When you consider using private loans for poor score, you must borrow after a proper planning for the same. Do not forget to use professional advisor’s tips for loans with no guarantor. It would help you plan the loan repayment. The ease of repayment helps you ensure timely repayments. As you repay a bad credit loan on time it would build your score, while the nonpayment may escalate the interest rate and invite the late payment charges. Thus it is important to always have fool proof plan to manage additional loans in time.