Is it possible to seek the loan approval without a guarantor? Is it mandatory to apply loan only with a secondary borrower? If you look at the marketplace of few years back, then you find that submitting loan applications was only allowed when the guarantor’s signature was mentioned on the form. As a result, the options were very less for the loan seekers. But now it has become a myth. Yes indeed, you have to believe that the loan companies do have the provision of no guarantor loans where only the main borrower is required to sign the loan document.
It is always good if you analyse the advantages and disadvantages of the loans before starting the application procedure. Providing the guarantor during the loan agreement is always beneficial for the borrowers and there is no point to deny the fact. The chance of getting large funds and guaranteed approval on the loan applications with low interest rates are some of the major benefits of providing a guarantor. But the main thing is that such option might not favour in the situation of a financial emergency. A guarantor should be responsible and finding such person would take time. During the urgent financial needs, you cannot afford to waste time.
The no guarantor loans also have several advantages, but two of the most important are explained below:
There are many people, who prefer to take the help of the broker. They do not have either the time or they are not able to choose the loan deal on their own. It looks good that broker’s guidance eases the burden of the borrowers, but the professional also charge heavy fees from the borrowers. With already having a financial shortage, paying the broker’s fees would only increase their burden. Besides that, there are many lenders, who do not prefer the borrowers with bad credit history and they only agree to fund these individuals if they bring a guarantor to ensure the repayments.
Staying away from such obstacles is only possible if the borrowers choose the more direct option, for instance very bad credit loans with no guarantor and no broker. It is the best way to remove any financial stress without making too many efforts.
The no guarantor loans have become possible because the lenders have adopted the flexible terms and policies. Same opportunity is available for the people with bad credit histories and same is applicable for the unemployed. In fact, such flexible lending terms are the outcomes of the increasing demand at the marketplace that the people, who do not have a guarantor, should also have the chance of availing funds.
The loans for bad credit with no guarantor and no fees for the unemployed are exactly the illustration of such flexible funding process. These are the specialised loans where everything looks in favour of the borrowers such as they do not need a guarantor and they do not have to pay upfront fees while applying for the loans.