Guarantor loans have really taken off in the UK over recent years but are actually one of the oldest types of loan that have ever existed. They effectively allow someone to ‘guarantee’ that one of their friends of family will repay a loan on time and, if they don’t, will take on the responsibility of paying for it on their behalf.
Whilst having a guarantor is great for those with a poor credit history, standing on your own two feet with no guarantor loans gives you the freedom to independently manage your finances. It also means that you won’t have to spend time trying to find a guarantor which often means sharing personal details about your finances with others.
Let’s take a look at how no guarantor loans work and the advantages of getting credit based on your own history rather than someone else’s.
What Are No Guarantor Loans?
No guarantor loans is the umbrella term used to describe any loan which is offered to a borrower solely based on their own individual circumstances. From car, motorcycle and caravan finance to home improvements, debt consolidation and emergency spending, no guarantor loans are available across the entire lending spectrum.
When applying for no guarantor loans, you’ll only need your own personal information
What Are The Benefits Of No Guarantor Loans?
There are a number of key benefits which make no guarantor loans a great option for UK borrowers, particularly for those who are able to be accepted on their own.
Sharing your private financial information with others can be a awkward at the best of times, but even letting others know that you’re taking on finance can put borrowers out of their comfort zone.
Keep everything in house by using no guarantor loans and you’ll be the only person who is contacted by the lender at any time under the Data Protection Act.
No guarantor loans only require information from those who are actually taking on the credit meaning that you won’t need to source financial information and permissions from third parties before being accepted.
Instead, you’ll be able to make one quick and easy application online with CreditRaters.com and choose a suitable lender for an instant online decision.
You’re In Control
In the unlikely event that you ever do fall into financial difficulties and are unable to make your next loan repayment, it’s simply left to you to contact the lender and make the necessary arrangements for payment. With a guarantor loan, you may find that the lender contacts your guarantor which isn’t ideal, particularly if the shortfall is through no fault of your own.
How Can I Apply For A No Guarantor Loan?
Applying for no guarantor loans couldn’t be simpler thanks to CreditRaters.com Simply complete your initial application online and we’ll pair you with lenders who can provide you with the funds you need at lightning speed.
You’ll receive an instant online decision and, if accepted, can often have funds transferred direct into your UK bank account in as little as 24 hours.
Find out how CreditRaters.com can help you by getting a free, no obligation quote today.