If you have ever applied for a loan, you must understand the importance of collateral and guarantor. Luckily, modern lenders offer lenient and easy requirements for applicants, and you may not even need a guarantor to secure a loan in the UK.
Nowadays, lenders opt for a soft search, require no guarantor and collateral, and are willing to offer flexible repayment methods with no delay penalties in rare circumstances. So, if you want to understand how to get a loan in the UK without the need for a guarantor, you are in the right place.
What Are Personal Loans?
Personal loans are those loans allotted to individuals for a myriad of personal reasons, catastrophes, or household issues. These loans are not applicable for commercial purposes or starting a business.
However, you can pay these back with pre-defined monthly payments. Similarly, you can secure such loans without putting up collateral to minimise your risks.
There are different requirements and eligibility criteria from lenders, and you will have to compare different options before submitting your request.
Moreover, some lenders also offer the “no guarantor” easement at your disposal with lower interest rates and zero additional charges. You can take advantage of this option and get the loan as quickly as possible.
How Can You Benefit from No Guarantor Loans in the UK?
There may be times when you can’t find anyone to sign the loan with you, or you can’t find someone who can help you if you fail to make payments in time. However, it would help if you didn’t have to suffer from financial issues due to the lack of a guarantor.
This is why lenders in the UK offer the brilliant “no guarantor loan” to accommodate everyone.
You will not need a second party to sign with you or offer a guarantee on your behalf. This will allow you to take out the loan independently, handle everything by yourself, and pay it back in time without any penalties or hidden charges.
Of course, guarantor loans are still preferred compared to no guarantor loans. Still, you can apply for a no-guarantor loan and get everything back on track.
How Can You Secure A No Guarantor Loan in the UK?
Except for one aspect, the no guarantor aspect, application, and the loan procedure remain the same. In addition, you can find an online comparison tool to find, compare, and evaluate different lenders for this kind of loan. When searching on such tools, you may see a “no guarantor” checkbox in the setting/filter section. This will let you filter the options and see lenders offering this loan.
From there, you can do your due diligence, compare requirements, repayment options, and hidden charges to select the best one for yourself.
Similarly, you can also choose a random lender of your choice and question them about the no guarantor option. Again, the chances are that most lenders will offer this kind of loan in the UK.