Loans without guarantor
Not all of us can find a guarantor or even want to take out a guarantor loan and we certainly are interested in loans without guarantor. So what sort of options are there for you if you have bad credit or poor credit, ccjs and other credit problems?
Your bad credit no guarantor loan options
As you may or may not know guarantor loans are unsecured. The cheapest and most obvious route to get a loan without guarantor is to find a secured loan. This can mean you need to be a homeowner for a normal high street type secured loan or you can go for something like a logbook loan which requires you to own a car of sufficient value that the loan can be deemed to be secure.
What about payday loans?
While payday loans are pretty good for those people in regular paid employment the payday lenders quite often require you to have a great credit rating which will of course rule out many people with less than perfect credit.
So what about Provident doorstep loans?
Doorstep loans are as old of the hills and Provident are one of the oldest proponents of this type of loan. They are a more costly option for those people who have a really bad credit rating but they can be the absolute last resort.
Should I talk to an IFA?
It won't do any harm to talk to an independant financial advisor but bear in mind most are there to sell you products and as with most things in life these products may not be the best loan without guarantor for you.
I have bad credit and no guarantor, now what?
It's time to face reality, can you really afford to get a loan and pay it back without missing any payments? If the answer is yes then you should look at what you can secure your loan against, how much you can afford to pay back and what yuo can do without to make this loan happen. At no time should you expect to borrow over £3000 if your credit is really really bad but by shopping around online, asking the right person and getting all the right facts and figures about your finances together you can get things sorted. Bear in mind paying a loan back without missing a payment can really help repair your credit rating which means next time you need a loan you may have more options on your plate and hopefully it will cost you less.
