With so many lenders offering no guarantor loans in the UK lending market, how do you find the best and cheapest deals in the shortest time possible? Below are practical tips designed to help you whittle down your choices to the best in the market:
Seek for Recommendations
Use Comparison Sites
If you know someone, maybe a family, friend or colleague, who have applied for a no guarantor loan then tap them first. Ask them for recommendations for the best provider. If they were happy with their lender, chances are high you'd be happy too if you go with their choice.
Focus on Representative APR
If the recommendations did not work for you, the next practical step is to take advantage of comparison sites providing impartial side-to-side look of the top lenders offering no guarantor loans in the UK. Instead of browsing through hundreds and thousands of loan deals, it's best to immediately focus your attention on the top 10 or top 5 lenders as categorized by trusted comparison sites.
Pick the Right Provider
When comparing no guarantor loan deals, one of the most important things to focus on is the Representative APR as it is the parameter the industry uses to gauge and compare loan costs. In general, the lower the APR of the loan, the better the choice is because it means it's the cheaper option of the lot. As a benchmark, the average APR for no guarantor loans is somewhere at 300%.
This tip is pretty obvious. If you want the cheapest and the best deals then choosing the right provider matters. That means you need to pay close attention to your lenderís track record, customer service, hidden fees and charges on top of the Representative APR offered.