Before applying, borrowers often have several questions in their mind. It also happens when they think about loans without guarantor. They ask - is the same facility applicable on every loan? The answer to this question may be both in 'Yes' and in 'No'.
Let's understand first what the guarantor is. A guarantor is a person who takes the responsibility of making the loan repayments if the primary borrower is not in the condition to do that. If we talk about the direct lenders, then the possibility is there of getting the maximum loans without guarantor in UK, but not from the banks or other lending institutions, following the traditional norms.
People often confuse by thinking that every loan can be applied without a co-signer, but it is not correct. Instead, it applies to the loans for people with bad credit, in which presenting a guarantor does not come in the mandatory clauses. Other loans like logbook loans or personal loans are also available without such a compulsory norm.
Or, some financial experts also include payday loans in such category, as there too no secondary borrower is required while submitting the application. However, the loans without a guarantor often carry the feature of high-interest rates and the borrowing amount is limited to the small one.
Do not close the idea of applying for the loans just because no one is there to back you. In the technologically advanced world, you cannot be oblivious of what is happening in the financial marketplace. Plenty of benefits alongside the loans without guarantor from direct lender generally come. Some of these benefits are:
One important thing that the borrowers have to remember is that the direct lenders generally provide the loans without guarantor for the small amount. In other words, it is suggested here that people should apply for these loans only when they are facing a financial emergency because, in the end, they have to pay the high-interest rates. However, the minimum and maximum loan amount can be kept around £500 to £15,000, respectively. Borrowers can decide their own amount after analysing the prevailing financial circumstances.
Another important thing that almost every borrower is concerned about is the term for no guarantor loans. Generally, the borrowers can apply for these loans from the duration of 12 months to 36 months. Again, the direct lenders can give them a choice of deciding the loan term according to their financial capacity.
Anyone, who is in need of some urgent funds but does not have a guarantor, can apply for the loans without a guarantor. However, several direct lenders in UK have designed such loan products especially for those, who are:
Blessed with a team of young and talented professionals, First Choice Finance has set an example among other lenders with its dedicated, personalised and bespoke deals on loans without guarantors, including competitive APRs. Apply now and get the fast approval.