While borrowing unsecured loans with poor loan eligibility in the UK has become more difficult with Main Street Lenders, it is practically feasible to apply for bad credit loans without guarantor or collateral online. You can avail instant cash advance or payday loans with the help of a loan broker.
You can indeed reap a lot of benefits using services of an FCA regulated loan advisor. They are authorised to share consumer credit products and advice to the borrowers facing credit hassles. Here is a list of 7 reasons why you must contact a broker (especially with low loan eligibility) before applying for an additional loan.
1. Saves Time
Using a professional loan advice helps you save a lot of time and energy in availing a required loan deal. With poor credit rating it is not a cakewalk to search for a low cost loan, besides you cannot raise a query simultaneously to multiple lenders. For, a credit check would further raise a footprint on your credit report. And waiting for a response from one lender before applying to another could be time consuming.
However when you contact a broker, they share your preferences with a pool of lenders and shortlist the best match for you. Most brokers are tech savvy and employ state of the art technology to filter the best bets for you.
2. Access to available loans
Using the broking advice you get access to available loans which is not possible otherwise. You cannot raise multiple loan queries owing to impact of credit check on your credit report.
3. Freedom of choice
Whether you need quick cash gap loan or seek instalment loan, you get ample choice to choose one for yourself. There is no obligation whatsoever. You can compare and choose the most affordable deal and make a free choice.
4. Tailored loans
Another advantage of using a loan advice is the flexibility of loan terms. A broker can help you find tailored loans with flexible instalment terms. Whether you need small loans for a few weeks or a few months or more, a broker can help you find the exact match deal. You can also opt for flexible repayment plans; so it is more convenient to apply for tailored loans with the help of a loan broker.
5. No Guarantor Loans
Most bad credit borrowers find it difficult to search for unsecured loans such as loans without guarantor or collateral. However with the help of a loan broker you can conveniently search for no guarantor loans without any delay.
6. No processing fees
The best part about using a broking service is the fact that there is no processing fee involved. Most borrowers extend free loan advice to borrowers and charge commission from lender of your choice. So you could be rest assured for unbiased loan advice without shelling out any late fees.
7. Regulated by FCA
When you deal with FCA regulated broker you could be rest assured of availing a transparent deal without any discrepancy. In fact FCA has regulated brokers as your loan guide. They are expected to share loans according to your repayment capacity.
To sum up, a broker can help you make an informed decision for the benefit of your credit health.