What are No Guarantor Loans?
If you are in need of a loan and your credit history is not stellar, you are likely to have your loan application turned down or a lender may ask you to arrange a guarantor with a good credit history. While an unexpected expenditure has come up out of nowhere, you will not be able to arrange a third person with an excellent credit history. A guarantor is a person who enters into a contract with you to take on repayment responsibilities in case you commit a default. Everyone will fight shy of paying money on your behalf when they precisely know that your inability to pay off the loan will have a bad impact on their credit report, which is why lenders have introduced no guarantor loans.
A no guarantor loan is a debt that you borrow without the need of a guarantor. You also do not need to put collateral to get money even if your credit history is poor. You will get funds once the lender approves your application.
BadCreditsHistory knows that arranging a guarantor within a short period is not that easy and hence we aim to provide you with personalized loan offers. These loans are unsecured loans that you can apply even if you are unemployed and very bad credit history with no guarantor. You can show other income sources like a rental income or a part-time job in absence of a full-time employment. Here are some of the more features of our no guarantor loans:
- Assistance for 24 hours
- No or soft credit perusa
- No hidden surprises with keeping transparency all along
- Round the clock assistance
- No credit check
Who Can Get A Loan Without Guarantor?
BadCreditsHistory considers borrowers’ interests as its priority than anything else. It continuously focuses on better funding for them through the means of secure and efficient loan deals. No Guarantor Loans are indeed part of our core policies in which we take special consideration. We provide these funding sources to these sections:
- People with Poor Credit Scores: People with less-than-perfect credit scores find themselves in a complicated situation when they apply for a loan. It seems two fold: first, the lender may deny approving your loan and if they sign off on, you will not get the best deal and second, you will have to arrange a guarantor with a good credit history. Of course, a person will hesitate to trust your repayment capacity and thus applying for a guarantor loan is quite tough in case of poor credit. BadCreditsHistory provides bad credit loans with no credit check at competitive interest rates.
- People with Unemployment: If you are out of work and encounter an emergency, it is quite complex to apply for a loan. Not all lenders provide loans for unemployed as they doubt on your repayment capacity, but you can finance any unforeseen expense by taking out the loan at BCH. You do not need to arrange a guarantor or collateral. You just have to fill out the loan application form online and submit it. Funds will be directly transferred to your account. If you do not have an operational bank account, you can get funds at your doorstep. Such loans are known as doorstep loans for unemployed people. However, you must have to prove your repayment capacity by showing income sources other than a full-time job like freelancing to apply for the loan. At the same time, there should be no worry about high interest rates.
- People who are Pursuing Education: Students more often than not struggle to finance their regular expenses. They find difficulty applying for loans to finance unexpected expenses. The problem is double when you are living in hostels. Having a person to enter into a repayment contract is all but impossible, but you do not need to worry as you can also apply for these loans and use funds for any purpose.
How Much Can I Borrow?
The borrowers, irrespective of their current or past financial status, can borrow amount according to their general financial situations. At BCH, we do not have a decided amount to lend because the problems are different of varied individuals.
We generally provide loans without credit check or no guarantor from £1000 to £25,000, depending upon the needs of loan applicants. However, there is no strict obligations are involved, but borrowers have to fulfill at least some eligibility criteria to get this amount:
- Applicants’ age should be above 18 years
- Permanent residence should be in the UK
- A valid bank account is mandatory
- Borrowers should have present or previous income proof
We generally think that anyone can fulfill these conditions and claim eligibility for getting no guarantor loans.
How can I Apply No Guarantor Loan?
Before going to the application procedure, let us familiar you with working policies that BadCreditsHistory follows. We are new-age lending company and following the path of FinTech Lending. We respect the value of internet technology, and we believe it is the best way to solve financial issues at the earliest.
Britons have started believing in applying for loans without guarantor from direct lenders. BCH has shown its presence at the UK FinTech Market with responsive and dependable lending service. It is a reason why we have kept quite a simple application process for our prospective borrowers. The process involves:
- You can apply for loans by sitting at your room or office with having internet accessibility.
- Fill online form with required details like age, amount, contact address and employment status.
- Click on to submit button and wait for our quick approval.
- You do not have to wait for days to get loan approval because it is just a matter of minutes for us.
- Get amount and relive in the sphere of financial stability.
You can not just sit and wait for the opportunity to arrive at your doorstep. Instead, you should make some efforts and explore the search engines to find us as your financial partner. BadCreditsHistory is fully prepared to assist you in your toughest financial circumstances. You do not have to pay any upfront charges or any other application fees to get our well-customised no guarantor loans for bad credit and unemployed from direct lender in the UK.
Don’t feel too much depressed when there is a sudden arrival of financial inconsistency. Think about the solution in a relaxed mind and provide us the opportunity to serve your purposes with sending a required amount of pounds into your deposit account.
No Guarantor Loans FAQs
How Much High Are My Lending Chances without a Guarantor?
If you are applying for the loans at BadCreditsHistory, then you do not need to worry about your chances. We are the specialist lender for the people with poor credit history and thus we do every favour to them by accepting their applications even if they do not have any guarantor.
Here are the relevant factors for us if not the credit score or guarantor’s presence:
- Income status if the amount exceeds up to £10000
- Income status plus the collateral if the amount goes more than that limit
One is for sure that we do not pressurise our borrowers in following the obligations because we are here for their financial benefits.
Is there any specific reason why BCH Offers No Guarantor Loans?
BadCreditsHistory was established with the clear purpose of helping the Britons during their adverse financial situations. Fortunately, we have been able to succeed a lot and these no guarantor loans are the clear evidence of what we are looking for. Here are some of our motives to provide these loans:
- To help the borrowers in getting funds more quickly as no guarantor is required
- To make them financially strong with no need to approach someone
- To assist people with bad credit scores in making lending easier for them
- To keep the application process simple where not much there to verify and approval comes quickly
What Other Ways are if I have No Guarantor to Back Me?
No guarantor, no worry there are plenty of options in online market to get a loan even if you do not have anyone to hold your back in financially difficult phase. In short, a loan without a guarantor means a clear financial assistance for the people with poor credit history.
If you do not have the guarantor to back, you still have other ways to convince us on the repayment part. Such as:
- You can show your income capacity and show us that you can manage the repayment from your monthly income
- You can also pledge collateral if you want bigger amount to borrow to fulfil a large financial purpose
These ways will definitely help you to get the guaranteed loans with no guarantor needed.
If no guarantor is required, then can I Bring a Co-Signer?
To have an understanding on it, you must call the loan advisor or the lender you have approached. In general, it depends on varied things in terms of whether you can present a co-signer or not. First of all, if you have applied for the bigger amount and your income assurance is week then you can consider presenting a co- signer.
There is another factor that can be taken into the consideration and that is if you have applied for the no guarantor borrowing then the possibility of presenting a person who can stand on your behalf may not be acceptable. Therefore, if you think that you have an option then you must try to get in touch with a lender and get clarity on it.
Can BCH Still Approve My Loan Application with bad credit and No Guarantor?
Yes, there is a full proof possibility that BCH can approve your loan application with the constraint of a bad credit score. Secondly, if you are worried about the fact that you might have to present the guarantor due the constraint then you must not worry. It is because a lender can provide you a flexible option to present the good source of income proof to get the favourable amount. Therefore, you just have to make sure that you have a transparent understanding on how to deal with loan journey. If you have a good income then also a lender can consider giving approval on the no guarantor loan term.
How Bigger a Role that My Income Play When I apply for no guarantor loan?
Well, this question you must ask but before applying to the loan application. If by chance you do not have good earning and still you have applied for it then it can be tricky to handle. It is because the eligibility of income process plays a very crucial role if you apply for no guarantor. On that note, it is important for you to mention that a lender provides you a feature on it, so that you can manage the loan journey in a better way. You can select the date and time as per the convenience of your situation. Therefore, while dealing with loans be attentive with the role your income will play.