A Loan With Bad Credit and no Guarantor, What are the Options

October 11, 2018 Joshua Sanders 0

Getting a loan with bad credit and no guarantor can be sometimes daunting to accomplish. When you need to borrow money with a bad credit, there are not so many options that you are left with. This can even get worse if the only viable option that people with bad credit can borrow money – a guarantor loan is not an option for you because there is nobody who is willing and able to be your guarantor. You do not need to give up because it is possible to get a loan with bad credit and no guarantor as there are a number of options available to you.

Ways to Get a Loan With Bad Credit and no Guarantor

  • Peer to Peer Lending

A lot of people who have a bad credit and no guarantor are now looking in the direction of peer to peer lending to help them out. This type of borrowing is a new way people are borrowing and lending money. This can be likened to borrowing money from a friend but in this case it is from strangers online. These individuals are willing to lend you money that you need and many times they offer repayment terms that you would not get in a bank. That said, it is important to be careful when lending money on peer to peer lending platform as this is still a new method of borrowing and lending so caution needs to be exercised when lending on this platform as it is not strictly regulated by the FCA as it ought to be.

  • From Family and Friends

It might be a good idea to speak to your family and friends if you are struggling to find a loan. Most times, these set of people are usually happy to lend you money and allow you to repay when you are back on your feet. However, it is important to bear in mind that family and friends may have to dip into the emergency fund in order to lend you money, so don’t get offended if they can’t afford to do this. Also be careful not to put too much pressure on them, you just have to keep an open mind and make them to understand that they are free to say no.

  • Payday Loan

Commercial banks are not a charity organization and so they have strict guidelines that are followed in order to approve a loan request. This is not the same with payday lenders as they have a simple way of granting a loan with bad credit and no guarantor. Payday loan is good when you are in a one-off situation and you need money to see you through to payday. If you are certain that you would be able to repay the loan by the end of the month and not leave yourself short for next month, then this option might just be right for you. You do not need a guarantor in order to secure this loan and the debt you will be incurring is relatively a short term one. Be very careful when applying for payday loans as it is very easy to fall into a cycle where you will be solely dependent on payday loans.

Read more here: https://www.bdc.ca/en/articles-tools/money-finance/get-financing/pages/find-financing-poor-credit.aspx

Is It Possible To Get Unsecured Loans For Bad Credit Without A Guarantor?

May 2, 2018 Joshua Sanders 0

Have you thought about getting unsecured loans for bad credit? To be honest, there are many who want to look at unsecured loans but think because of their bad credit they won’t be eligible for one. It’s easy to see why that’s the case and you can’t blame people for being a bit skeptical about them. So, is it really possible to get an unsecured loan when you have bad credit and without the need of a guarantor? Read on to find out more.

Bad Credit Unsecured Loans Are Possible To Get

Let’s be honest, you can love the idea of bad credit loans but think there must be certain strings attached. It’s easy to see why that would sound feasible but in actual fact, it’s not. You can get an unsecured loan even if you have bad credit and the best thing of all – you don’t need a guarantor either! However, you do have to understand that getting one of these loans can be determined on the lender you choose. The lender you opt for can really determine whether or not you get an unsecured loan with bad credit and no guarantor necessary.

Guarantors Are Needed With Standard Lenders

Choosing a standard or traditional lender can cause you to struggle to get an unsecured loan; the reason why is because of you bad credit. There are still thousands of lenders who are unwilling to offer a loan when there is bad credit. However, when you look to a bad credit lender you might find things far easier to be approved. Guarantors aren’t always needed but you do have to be careful over which lender you choose and the loan itself. Unsecured loans for bad credit without a guarantor are possible to find, you just have to find them. Click here.

What Are You Asking For?

If you are requesting thousands and thousands of dollars you might struggle to be eligible for an unsecured loan. For those who are asking for a smaller loan amount it probably will be easier to get a bad credit unsecured loan without the need of a guarantor. Bad credit loans are very much possible to obtain without a guarantor but you do have to think very carefully about the amount you’re requesting. Some lenders may only offer an unsecured loan up to a certain limit so be wary over the loan amount.

Get the Loan When You Need It

Bad credit loans really have become hugely popular over the course of the last few years and in the upcoming years, there will be far more people requesting them as well. You can’t blame people for being in such great need of unsecured bad credit loans as it’s hard to build and establish credit and so simple to ruin it. There are so much trouble over credit and if you are a bit cautious you can surely get the loans you need when you need them. Unsecured loans for bad credit can be found, even without the need of a guarantor. More details in site: https://www.everyday-loans.co.uk/bad-credit-loans/