Bad Credit Loans With No Guarantor

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Are There Benefits to Bad Credit Loans, No Guarantor?

If you haven’t always had the best relationship with money, then you might find yourself in need of an easy way to borrow cash that doesn’t require the best credit score.

Usually, when financial issues happen in life, the first thing you might do is go to your bank and apply for a loan when you need it. However, the majority of loan products available today are reserved for people who have the best credit scores. Even if you’ve never had a loan before, you could be unable to get the loan that you want, just because you have a thin credit file.

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The good news is that the opportunities available for people with less than perfect credit are changing. Lenders across the United States are beginning to offer more flexible loans that are suitable for those who can’t apply for the best good-credit deals.
Here, we’re going to discuss the loans that you can get with bad credit, without a guarantor.

Bad Credit Loans: The Basics

Whenever you apply for a loan, your credit score is the number that your lender will use to determine whether you should get the money that you ask for. If your credit score is okay, but not great, then you’re likely to be offered your loan, though you won’t get the interest rate you were looking for.

The worse your credit score gets, the more your options for lending diminish. At first, you’ll struggle to get the kinds of loans you want for the amount you want to borrow. Eventually, you may find that you aren’t able to successfully apply for certain loans at all.

In the past, people struggling to get cash advances with bad credit usually turned to one of two options. The first solution was to take out a secured loan. This means that you offer something that you own up as collateral to the bank in case you can’t afford to make your repayments.

Although secured loans have their benefits, they also mean that you put your house, car, or something else valuable at risk if something goes wrong in your life. The stress of a secured loan is why many people choose to avoid this option and consider the alternative: guarantor loans.

With a guarantor loan, you don’t put anything up as collateral, but someone else in your life does. You might ask your father, or another family member to act as your guarantor for you. This guarantor will then agree to step in and pay for your loan if you can’t. The guarantor also has to be a homeowner, so that they can put their home up as collateral if something goes wrong.

What Kind of Loans Can You Get without a Guarantor?

The common lending options for people with bad credit are generally designed to give the banks that you borrow from more peace of mind. If you have bad credit because you haven’t been able to pay back loans in the past, having a secured loan or guarantor reassures your bank that they’re going to get something in return for their money if you can’t make repayments.

However, that doesn’t necessarily create a great experience for you.

If you’d prefer not to use a guarantor, or you don’t know anyone who can step in on your behalf, and you don’t have items that you can offer as security, there’s one option left. Short-term or emergency loans can be an ideal option for some residents within the United States today.

Otherwise known as payday loans, these small lending opportunities allow you to borrow a limited amount of cash – usually up to a few thousand dollars. Just as the amount of money you can borrow has a cap on it with payday loans, the length of your term is restricted too.

Usually, you’ll need to repay everything you owe from your payday loan at the same time when you receive your next lot of wages. That includes the cost of any interest rates and fees.

Although you don’t have as long to make your repayments with a payday loan, this kind of lending can offer benefits that you can’t get from any traditional lending. First of all, you don’t need a guarantor or any form of security to apply for the loan.

Because payday lenders are only putting small amounts of money at risk for short periods of time, they’re much less likely to get bogged down in examining your credit score. Even if you have a poor credit rating, you can still be approved as long as you have evidence of a long-term employment situation, with a regular income.

Usually, if a lending opportunity seems too good to be true, it is.

Bad credit loans without a guarantor have the downside of only giving you a month to make your repayments and limiting the amount of money you can borrow. However, they can also offer a lot of benefits too. Aside from removing the need for a guarantor, your bad credit loan also:

  • Gets you out of debt faster: You won’t have to worry about making repayments every month. This is helpful if you’re concerned that you don’t know how your income or job might change in the months to come.
  • Comes with an easier application process: Applying for a bad credit loan is often very easy. You can fill out a form online with a payday loan company and get an answer on whether or not you’ve been approved for your loan within a matter of hours.
  • Gets money to you quicker: Since payday loans are all about speed, you can usually get your cash in your bank account within a matter of hours. This is helpful if you need the cash to deal with an emergency.
  • Gives you freedom: Although it’s recommended that you only use these bad credit loans for emergencies, it’s up to you to determine what you consider to be an emergency. You won’t be restricted to spending your money on a specific thing.
  • Offers peace of mind: Because you’re not putting any of your property, or anyone else’s belongings up as collateral, you don’t need to worry as much about what might go wrong. You’re not putting strains on relationships that you have with the people you might ask to be a guarantor too.

You could even end up with a better credit rating by the time that you’ve paid off your payday loan. It can be incredibly difficult to improve your credit score when no other loan companies will touch you. That’s because credit agencies evaluate your credit worthiness by looking at how you dealt with your loans. With a payday loan, you can prove that you’re capable of paying back what you owe quickly.

Why Use Us?
How much do you offer?
$100 - $5,000
No charges
Approval Chance?
Good
High approvals!
Is poor / bad credit accepted?
Yes
All can apply
How do I get a loan?
Apply Online
2 min Application
Do I pay it all back at once?
No
Easy repayments

Can You Get a Bad Credit Loan without a Guarantor?

The biggest benefit of poor credit loans for people who don’t want to use guarantors, is that they’re available for almost everyone. As long as you live in one of the 27 states where payday lending is permitted, you’re already half-way there. You can also consider looking into the regulations and restrictions of payday lending in the nine states that have some payday lending features.

Once you know that payday lending is allowed in your state, you can head online and start comparing potential lenders. Remember, just like any other lender, short-term loan providers can offer different deals depending on who you go to. Don’t just accept the first offer you see because you know you have bad credit.

  • Check the terms and conditions on the lender’s website to see whether they accept people with bad credit and find out what you need to do to apply.
  • Read through any reviews left by other customers, and check to see whether the lender is approved by the local bodies for financial regulation in your area.
  • Find out how long you might have to wait to get your loan if you apply, and how much you can borrow. Some companies put a cap on your borrowing limit.
  • Fill in the application form provided (it’s usually online) with accurate information about you, how much money you want to borrow, and when you can pay it back (your next payday).
  • Make sure that you answer all of the questions correctly and provide any information that the lender asks for. You may need to show proof that you live in the US, as well as evidence of your employment and wage slips.
  • Submit your application and wait for a response. You’ll usually hear something quite quickly in the form of an email or a phone call.

The process of filling out an application is very simple and straightforward. There aren’t any complicated bank discussions to worry about, and most people can answer all the questions in a matter of minutes.

Getting Your Bad Credit Loan

Once you’ve successfully applied for and received your poor credit loan, your money will be deposited into your bank account for you to use for your emergency. Your lender will often ask you to fill out a post-dated check so that the money you owe can transfer straight to that company on your next payday.

Just like that, you get the money you need, and you’re out of debt again in a matter of weeks! Is it time for you to look into bad credit lending options?