Desperate Loans in the UK
If you are suddenly caught up in a tough financial situation and your credit score is not good enough to qualify for a loan from a bank or any other traditional lender, what do you do next? You may choose to run to your family and friends for help but if you don’t want to drag them into your financial problems, there are still ways in which you can get the funding that you need without much stress and delay and they come in the form of desperate loans. These financial products will put some much needed funds in your pocket without literally breaking a sweat since you can find plenty of lenders offering the loans online with quick and seamless application processes.But before you head out and start looking for desperate loans on the internet, it’s very important to know what the available options are and their unique features and advantages as well. This will help you determine whether or not the loans are indeed ideal to your needs and present circumstances. And if they are, you will also know which desperate loan option will work best for you.
Desperate Loans with a guarantor
Desperate loans with a guarantor will require another person, typically a family member, who will co-sign the loan deal and agree to cover any repayment that the borrower fails to make. The loans are ideal options to consider if your bank has denied you of the funding that you need because of you either have no credit history or have a bad credit score.This is because instead of focusing on your credit score, lenders providing desperate loans with a guarantor will look at two main points:
Why opt for desperate loans with a guarantor
- Whether your income and monthly earnings are enough to afford the loan and its repayments
- And whether you have someone who is close to you who is willing to enter into a loan agreement and guarantees its repayments if you are unable to.
One of the best reasons why you would want to opt with desperate loans with a guarantor is that it can be easily availed for as long as you can afford the repayments and have someone to back up your loan deal and act as a guarantor. Second, you can borrow at cheaper rates, and larger loan amounts, for flexible payment terms that would otherwise be unavailable to you if you have a poor or inadequate credit history. Aside from these, the financial products also allow you to enjoy numerous advantages such as:
- Same day payouts. There are plenty of specialist lenders online that provide same day funding to any borrower in the UK as long as they are qualified.
- Credit rating is not an issue. You can be considered for a desperate loan with a guarantor even if you have CCJs or defaults as long as you meet the lender’s eligibility criteria.
- Rebuild your credit history. Simply keep up with your loan’s repayments on time and it will paint a positive picture in your credit history. With a new and better credit status, you can avail of more loan options with even larger amounts and better rates and terms in the future.
- Flexible repayments. There are lenders who will allow you to pay off your loan in advance and enjoy potential savings for interest rate payments without any penalty or extra charge.
- Affordable Repayments. The repayments for desperate loans without a guarantor are competitive compared to different types of loans in the UK.
- Any Purpose Loans. You can apply for the loan to purchase a new car, finance a wedding, consolidate debts, improve your home, and virtually anything you want as long as it’s used legally.
Desperate loans with a guarantor normally allow you to borrow anywhere from £1,000 and up to £15,000 depending on your needs and affordability and pay it back over a period in which you can afford between 1 year and up to 5 years.
Desperate Loans without a guarantor
Desperate loans without a guarantor allow borrowers who are in dire need of quick and reliable funding to apply straight to the lender without the need for a guarantor to become approved. This means that you will be the only one applying to the lender and that the approval will depend on your personal credit situation and affordability. Once your application becomes a success, the money will go straight into your bank account with no other individuals involved. Some of the popular desperate loans without a guarantor option you can find in the UK today include:
- Payday loans
- Logbook loans
- Peer to peer loans
- Bad Credit loans
- personal/unsecured loans
- Secured Loans
Payday loans allow you to borrow small amounts of cash anywhere from £100 to £1,000 with a duration period that will last until your payday or when you receive your next paycheck from your company or employer. The type of desperate loan without a guarantor is designed to meet immediate cash flow needs and shortages. Perhaps you have an emergency expense that you need to deal with such as a br