Recently, this factor has been a topic of discussion for many. You see, loans have taken a different route when the online world has been introduced to them. Now that you know the online world is present, you can get a personal loan easily.
However, borrowers often seek a no-guarantor loan, knowing that these loans come with a slightly high-interest rate. That does not aim to keep you disinterested, though. You can very well find out more about the loan and how it can help you more.
What Is a No Guarantor Loan?
A no-guarantor loan is the kind of loan that you often take out when you need fast cash. It is a loan that has no guarantor requirements. It means the borrower can take the loan out by supplying financial documents. You can work along and present your credit score, too. But these loans are dependent largely on your credit score.
We are a direct lender of the nation. Known as EasyAdvanceLoan, we are trying our best to offer the best loan products to borrowers with pressing needs. If you carefully select your loan product and remain a responsible borrower, you will eventually get the loan.
However, you need to know some things about the no-guarantor loan. You might want to understand it by way of finding out more about the application of these loans.
Why Do You Need a No Guarantor Loan in Particular?
The thing with no guarantor loans is simply avoiding a guarantor to take out the loan. However, this product has subtle meanings that borrowers will understand if they take the money out. Maybe the points shared with you below can help:
1. If You Want a Loan for Emergencies
Personal loans and no guarantor loans are almost the same product. We can say that the no guarantor loan is rather an extension of the personal loan. By ensuring you do not need a guarantor to borrow the money, we make it clear that you can take out the money in the most hassle-free way.
In emergencies, you might as well use the loan approval information to manage a situation. Let’s say you have pending payments, and the need is pressing upon you. If you apply for loans with no guarantor from direct lenders, then your loan approval process will be faster.
Because the guarantor’s details will not be checked, the lenders can only check your income statements and general details. This takes very little time. You achieve the loan approval within minutes. You can use that information to control your situation. Generally, the money is disbursed in an hour.
2. When You Do Not Have a Guarantor to Help You Borrow Money
You will have to take out a loan when the need arises. You have to get money for funding purposes even if you do not have a guarantor. The loan then serves your purpose.
This loan does not require you to bring a guarantor. Nevertheless, you should be serious about the loan terms. The loan will need your financial statements, which are your income statement and other details, to approve the loan.
3. When You Do Not Want to Disrupt Your Relationships
We all know that a family member will be more than willing to help us when we are stuck in a financial need. They won’t say ‘no’ to your request to sign the loan as a guarantor or a co-signer. However, they can have difficult financial situations, too. They might also have reasons to look for money.
According to the rules of lending in a guarantor loan, the guarantor ‘secures’ the loan. Yes, you do not need collateral for a loan. In a guarantor loan, you fail to repay your lender the money, and the lender will arrive at the door of your guarantor for the cash.
What if your family or the person who became your guarantor fails to repay the money? It would stress the person out. You do not want that. Instead, keep the relationship between the borrower and lender with no other party involved.
4. Rules of a No Guarantor Loan
The no-guarantor loan is not much different from the personal loan. You might need to learn about it officially and then take it out. Here are a few points that might be able to help you:
- A no-guarantor loan is not a secured loan. Even if you do not have a guarantor to sign the loan application for you, it is also true that you cannot bring collateral.
- Mostly, no guarantor loan sticks to the short-term personal loan kind. However, the maximum amounts of this loan can vary from one lender to another.
- You can take out this loan with your income details. However, you must supply the right income certificates where all the important information, such as salary amount, employers’ name, etc., are mentioned. You can also take out a no-guarantor loan using your freelance or other types of alternative income.
- No guarantor loans may have high interest rates. However, there is more than one package for repaying the loans. You may look at that and select a package that suits you the best.
- Borrowers must share their credit scores. However, we analyse soft credit only to find out which loan products and packages will suit you best. Know that the soft credit check does not impact the lending process directly. Your income approves the loan.
You see, these types of loans are not very difficult to manage. If you have experience borrowing personal loans, these loans will appear quite easy for you. Use a loan calculator to determine if you can afford this money and take out the money.
Hopefully, this post has given you some updates and insights about the much sought no guarantor loans. You can get in touch with us via phone or message to know more.
Emily Rhodes operates as a Senior Content Writer at Easyadvanceloan for 5 years. She oversees the financial planning and monitoring of the cash flow. Emily also helps the firm forecast its financial standing by analysing the operational data and latest reports. It requires detailed research and predicting the trends before arriving at a conclusion. Emily Rhodes’s credible predictions and the best usage of problem-solving and analytical skills help the firm revise financial policies for growth. She ensures the best of her expertise by working in tandem with the CEO and Chief Operating Officer. Academically, Emily is a postgraduate with MBA in Finance from a reputed university.