If you're looking for a convenient and one of the quickest ways to obtain cash for your financial woes, look no further than no guarantor personal loans. Unlike any other loans, the financial product only needs the barest minimum for requirements. There are no credit checks and pretty much everyone is welcome to apply. But like with any other type of borrowing, it's imperative to understand how the product works.
Defining No Guarantor Loans
Contrary to guarantor loans, no guarantor loans are obviously personal loans that do not require any security or guarantor for that matter. To get approved, you'll just need to meet the loan criteria and you're pretty much good to go. Currently, it's one of the easiest ways, aside from payday loans, to get quick cash online.
Loan Amount and Loan Term
To be eligible for a no guarantor loan, you must meet the following requirements:
- You must be at least 18 years old.
- You must be a resident of the United Kingdom
- You must have a valid bank account
- You must provide proof of income
When you meet the above requirements, you can immediately proceed to applying for a personal loan online. You don't have to be fully employed to quality. Whether self-employed or working part-time, you are still eligible for a loan granted that you provide proof of income.
With no guarantor loans, borrowers can borrow up to £2,000 depending on your financial assessment. The loan is payable within 6 months or up to 12 months and the set-up is completely up to you and what you can afford for monthly repayments.
Interest rate varies from loan to loan but on average, no guarantor loans come with about 300% Representative APR. It can be less or more which again will depend on your provider. To understand how much your loan really costs, itís best to know more about APR. Just click here for more information.
There are two common ways to repay your no guarantor loan. Either though debit card or direct debit authorization. With a debit card, your lender will automatically withdraw your due at no additional cost on your scheduled repayment date. If you don' have a debit card, you can instead set-up your lender to deduct the amount directly from your bank account.