As the name of the loan suggests, a no-guarantor long-term loan does not need a guarantor or a second party with a good credit score to be on the standby to pay out for you if you cannot make the payment.
A Guarantor or a No Guarantor Long-Term Loan?
Whether you should go for a guarantor or a no-guarantor long-term loan is your individual decision based on your specific circumstances. If you have been declined by the bank for a loan due to bad credit history, then you can look into a guarantor loan or a no-guarantor loan. A guarantor loan can be the ideal option for you if you have a friend or a family member who can be your guarantor. Moreover, if your guarantor has a good credit score, you may get better loan terms and interest rates since you are at lesser risk of not repaying the repayment amount every month.However, a no-guarantor long-term loan can be a great financial solution if you don’t have someone to help you, whether because you would not prefer to ask or whether because they are unable to assist you.
Should I Apply for a No-Guarantor
As far as your finances are considered, you must know that all figures and facts before applying for credit. You need to make the best possible choice when you apply. You should understand your circumstances completely before you apply and ask yourself:
- Do I require a loan?
- How much should I borrow?
- How much can I repay every month?
- What are the loan terms?
We are available to help you with all your questions and queries 24/7. You should remember that borrowing a sum of money for the long term can lead to more rate of interest.
Apply for Loans Without A Guarantor
Terms Of Repayment
It’s good to be aware of all the repayment terms of the lender. The interest rate on the loan is one of the most important things to consider. It is the interest rate that will decide how much you will pay for your loan by the end. The lower the number, the better you will be.
The Credibility Of The Lender
When finding a good lender, credibility of the lender is the most important thing to look at. A credible lender should provide all the details about your borrowing from the start to the end.
Your Guide to
Why You May Need to Take a Loan without A Guarantor
A no guarantor loan is just what it sounds – this loan does not need you to have a guarantor to take a loan. A borrower may not find a guarantor due to many different reasons.
Being a guarantor is a big commitment with lots of pressure too as the guarantor will have to make the repayment if you don’t. Moreover, not only is their money at risk but the credit history of the guarantor is also at risk.
Another reason why you may not be able to take a loan with a guarantor is that you may not know someone who has a good credit history. Or if you know, you may not be interested in asking them to help you. So, there are all kinds of reasons why people opt for no-guarantor loans.
Though it is quite simple to apply for a no-guarantor loan, you should mull over all the other available options too. If you owe money to someone, ask them to return that. They would certainly not want you to default on your debt. You can also contact Money Advice Service, Turn2us or National Debtline to get advice.
Should I take a loan without guarantor?
If you are thinking to take a loan without a guarantor, then ask yourself the following questions:
- Can I make the repayment every month?
- How much money should I borrow?
- Are the terms and conditions appropriate for me?
- Do I actually need the loan or can I get money in other ways?
You need to approach carefully after weighing up all your options before you opt to take a loan without a guarantor since taking a loan is not a simple thing.
Both guarantor and no guarantor loans come with their pros and cons. Let’s have a look at the various aspects of both the loans so that you make a well-informed decision:
Lower and Cheaper APR
A guarantor loan is frequently cheaper as somebody else accepts your responsibility for repayment as lesser risk is involved. But if you don’t have a guarantor, the lender may accept your application with a high APR. However, if you have bad credit, it would be better to go for a low-interest guarantor loan.
Bigger & Faster
By selecting a guarantor loan, the guarantee agrees to repay the loan in case you default. By having a guarantor for the loan, the lender will generally lend more money and for a longer time because someone takes the guarantee to repay the loan. But for many people, it is difficult to find somebody to become their guarantor, so they opt for a no-guarantor loan. They are short-term loans that are easily available for a smaller amount along with being faster.
The procedure of getting a loan with a guarantor takes longer times as the lenders want to check the guarantor’s credit score and more. The top lender will perform the whole procedure quickly. You can find out the best lender by comparing their terms and conditions online on our website. However, if you want to take a loan of a small amount only then you should go with short-term loans.
Ans: Yes, you can get a long-term loan without a guarantor even if you have bad credit with Payday Loans Now. Though your possibilities of getting a loan accepted become higher with a guarantor, it becomes easy for you to apply for a loan without one. No hassle and no paperwork is there and you can expect to get the loan on the same day. Being a fair and responsible lender, Payday Loans
Now makes use of your credit score only to decide on whether or not your loan will be approved. If the financial information provided by you shows that you’ll be able to repay the loan, we will grant the loan. But, a no guarantor and bad credit loan is usually costlier than guarantor loans. So, consider this before you apply for a loan.
Ans: Applying for a long term payday loan has now become hassle-free and simple. You just need an internet connection and a computer/laptop/mobile to apply for this loan. Fill the required details in the application form offered by the lender and submit it. Then you will have to wait for a few minutes to hear back from the lender. You will then get an email or call stating whether the application is approved or not. Some lenders in the market also let you apply for a loan over a phone call. However, applying online can be simpler and quicker.
Ans: Payday Loans Now is one of the highly trusted no guarantor long-term loan provider around the UK. We don’t have any application fees, hidden charges, or broker fees. If you have a poor credit score, applying for a loan with no guarantor for us is safe because we don’t have any third party involved to access your credit check.
Whether you go for a guarantor or a no-guarantor loan, there are both pros and cons associated with both the loans. Let’s have a look at the different features and aspects of these loans as that will help you with your decision.