A financial shortfall scares us all. And to combat with an urgent monetary situation, brokers and lenders have introduced short-term loans with no guarantor. Because to treat an emergency situation wherein the need to cover the financial expenses becomes unavoidable, people borrow funds and later they repay the borrowed amount.
Of course, you can always turn to friends and family for a financial helping hand, but many of us feel embarrassing of the act and do not go our near ones for help. Rather we consider opting for financial help from lenders and brokers. If you are in such a situation where you find short-term loans no guarantor attractive, we would suggest you do a background check of the lender or borrower. Always choose a lender or broker who is registered and authorised to carry out the lending and brokering services in the UK financial market by the FCA. Lenders or brokers who are not registered by this financial regulatory body may not be reliable and trustworthy.
In this article we will discuss
- Definition of No Guarantor short term loans
- Benefits of Short term loans
- How to apply for a Short term loan in the UK
- How a broker online can help you in finding deals for such unsecured loans
Short-term Loan No Guarantor : Definition
A short-term loan no guarantor implies to a loan which is taken for a short period of time and no guarantor is involved in the process. A guarantor makes a promise to the lender or broker that if the individual taking out the loan fails to make repayments, the guarantor will be responsible for the repayment of the loan.
Imagine a situation, where both you and your guarantor fail to make repayment. What would be the consequences? To ease the process of lending and borrowing, no guarantor loan is the best option.
Benefits of a Short-term Loan No Guarantor UK
Our team at Loan Broker has come up with a list of benefits that an individual may gain while considering short-term no guarantor loan during financial crisis. In the midst of your financial woes, if you are getting benefits, isn’t that something good? Let’s take a look at all possible benefits of this type of short-term loan.
- Constraint Free Loan
Short-term loan no guarantor allows people to borrow funds sensibly and in a carefree manner. There is no other person related to your debt and you own the sole responsibility to repay. Convincing a person to play the part of your guarantor becomes difficult and nobody gives in so easily. With no guarantor loans, you can enjoy an unsecured form of a loan.
The loan application process is very easy and convenient. Customers have to follow 3 simple steps to apply for a short-term no guarantor loan. Submit the form post filling it out and if approved you get the choice to choose from lenders basis your financial requirement. Choose between lenders and borrow wisely.
- Affordable Repayment Schedule
Once approved, plan and schedule your repayments. This allows you to repay the loan amount in an easy-to-manage and affordable manner, which is completely hassle-free. You can plan your repayment schedule in such a way that it doesn’t disturb your other finances for the month.
- Customized Loan Deals
An individual seeking for a short-term loan no guarantor has the flexibility for customization of the loan. At Loan Broker, our team will help you find out deals on Unsecured short term loans. You can now enjoy access to tailor-made loan plans which suits your preferences and current financial situation.
- Easy Access During Emergencies
These type of loans are easily accessible in case of an emergency as it doesn’t require a guarantor. So, you do not have to waste your time in finding and convincing a person to become your guarantor. Invest a few minutes on the internet and get your hands on quick cash to treat your financial emergencies.
There is no restriction on using the loan. An individual may use this short-term loan for any purpose. This loan is just financial support to cater to the unexpected emergencies that crop up in between.
The above-listed benefits are only the common benefits one can gain, it has many other benefits such as borrowing amount (you can borrow irrespective of your income), flexibility, lower interest rates as compared to any credit card, suitable repayment schedule, and its promptness.
With benefits comes the disadvantages as well, if you fail to repay the amount you have borrowed, you will have to face serious money issues and this will negatively impact your credit score. To build your credit score with no guarantor loans, you have to make sure, you keep up with the repayment schedule.
Short-term No Guarantor Loans for Self-employed
Short-term loans no guarantor for self-employed has gained prominence over the period of time. This loan acts effectively to reduce the financial burden immediately and provides a substantial relief at a short notice. Because self-employed people find it difficult to cope up with the daily expenses due to lack of active income source.
There are many authorised brokers and lenders in the UK who are offering short-term no guarantor loans for self-employed people.
Pre-requisites to Apply for a Short-term No Guarantor Loan
Before applying for a loan, there are some general pre-requisites and the borrowers have to qualify them. A quintessential list of requirements are given below:
- A potential borrower must have completed 18 years of age.
- An applicant must be a resident of the UK.
- The interested borrower must have a valid and active bank account.
- A proof to showcase the source of income (previous and current).
There are a few other essential requirements which need to be checked and verified once your loan application is approved. Mandatory requirements such as credit check, and verification of the information provided by you in the application form.
Short term Loans at Loan Broker
Loan Broker in the UK may help you in finding deals on Short term loans. Fill out the form and if approved, you will get a chance to compare the lenders. A helping hand during your financial crisis proves to be very supportive. It is our continuous endeavour to make your experience a better one and we strive towards achieving the same. Please Loan Broker doesn’t charge any hidden fees or asks for any upfront fees from the customer.
Apply for a short-term no guarantor loan today and bid adieu to all your financial burden. Take out some time and manage your finances to get back on track.