Loans without Guarantor – Funds for Any Purpose Guaranteed
October 6, 2018 Katherine Felix 0
These days the UK marketplace seems like changing from its traditions. The no guarantor loans are the best example of it. Few years back, no one could expect borrowing funds with no guarantor on the side. Especially, the traditional funding institutions like the banks have been following the same lending policies where little chances they provide to those with no guarantor.
In order to understand the loans, we need to understand the impact of FinTech lending in the UK. The concept of FinTech has proved vital for many individuals, especially those are affected from their bad credit history. The belonging lenders are now quite open to their policies where they offer no guarantor loans to every individual irrespective of the financial status. To put more clearly, people with bad credit history or the unemployed can also plan to have sufficient funds to borrow.
Among the main features of these loans are:
- Easy eligibility criteria
- Available only for small amount
- Online application procedure is applicable
- No documentation
- Funds transfer irrespective of any financial status
These features are really indicating that the loans have the capacity to turn the fortune around of the borrowers. But wait! Is it all well with the loans?
It has been a tendency among the borrowers that they look only for the loans by reading only the advantages and they are often unaware from the risks involved. Later, they feel uncomfortable.
Borrowers should be careful about the high interest rates that the loan sharks are charging from its customers. It makes no sense to give money just for the sake of getting more to stable finances. Therefore, do hard research of the marketplace and then finalise the lender with competitive interest charges on loans without guarantor.