Everything you need to know about no guarantor loans in the UK
Regardless of your monthly earnings, you can fall short of savings when an emergency crops up. Online lenders can help you tide over if you need money urgently, but things are not as smooth as they should be in case of a poor credit rating. Bad credit history calls your creditworthiness into question. A lender will likely assume that you do not pay off the debt on time. As there is no security that mitigates the risk of the lender, they will likely turn down your application. However, some lenders do not mind signing off on no guarantor loans. A no guarantor loan is a type of standard cash loan that you take out during a financial emergency without the need for a guarantor and collateral. It means that you take full responsibility for paying down the debt and any action taken against you in case of default or when you fall behind the due date. When you take out a loan without a guarantor, you will be entirely responsible for clearing the dues – either in instalments or in a lump su...