If you're unsure whether a no guarantor loan is the right option for your or now, below are advantages of the financial product that might convince you to go for it.
No Credit Check
Flexible Loan Amount
One of the best things about no guarantor loans is the no credit check policy which means that people with bad credit are more than welcome to apply for one. It's even more convenient than other bad credit loans because it does not require any guarantor in the picture.
Ultra Fast Processing
Since there are no collateral, security or guarantor involved, the loan amount offered is not as big but still pretty flexible for an unsecured personal loan. Borrowers are able to borrow up to £2,000 depending on income. Most of the time, the amount can be helpful enough for emergencies and other immediate needs.
Processing is impressively fast too. Provided that you meet the basic requirements and you are deemed eligible, you can expect to get approved within hours. After which, the money is immediately deposited to your bank account in 24 hours or usually less.
Cheaper than Payday Loans
With no guarantor loans, gone are the days when you have to go visit a provider's office to be able to apply and take out a loan. With the financial product widely available online, you can simply complete the online form, wait for approval and for the money to be deposited in your account. All this can happen in a day without you having to leave your house.
Best of all, no guarantor loans are cheaper than the notoriously overpriced payday loans. With payday loans, Representative APR averages at 1,000%. For no guarantor loans, itís close to what logbook loans charges at around 300% on average. No guarantor loans also offer longer repayment terms affording borrowers more time to pay off the loan without really struggling.