In the recent years, loans for bad credit with no guarantor have drastically changed the financial lives of the poor credit score customers in the UK. Now, numerous deals on these funds are available online and a person with bad credit issues can easily avail this unsecured financing option at a cheaper APR. But, even after having so many benefits, people feel tough to believe them.
Let me clear the wrong myths about these funds and present the real facts:
Myth 1: These Loans are not Viable
Fact: This is one of the most common notions prevalent among the customers. They think that why a lender would take the risk of lending money to a person who doesn’t have a good credit history. Well, not all the lenders in the UK run after earning high revenues. They are committed to helping needy people irrespective of their credit ratings. They just want to see you financially stable. In short, easy personal loans for bad credit are viable and one can avail without having a negative thought.
Myth 2: Very Costly Funds
Fact: This is another myth that inhibits people from applying for these loans. Disabled, unemployed, and lower-income level people don’t trust these loans so easily and think that they have to pay a very higher interest rate on these funds. To some extent, these funds are slightly costlier than the secured loans but they don’t cost too much. Some bad credit deals are available even at the same APR as the secured ones.
Myth 3: Collateral is Compulsory
Fact: Some people think that for availing a guaranteed unsecured loan for bad credit they need to submit their valuable assets. However, in reality, a bad credit applicant doesn’t need to submit even an asset of a single pound. These lending solutions are completely collateral-free and hence risk-free. One can apply for these funds without taking risks on their assets. The complete form filling procedure is online and no hard or soft copies are required.
Myth 4: Somebody will Steal my Information
Fact: Well, if you have selected a reliable direct online lender and its website is completely secure then stop worrying about your personal information. Nobody will steal or share with other lenders. Most of the FinTech (financial technology) lending companies employ the latest technology and other preventive measures to stop data theft. They don’t share your data without taking your permission. Moreover, the information that you fill on the application is too basic to get leaked.
Myth 5: Approval takes a lot of Time
Fact: The success of loans for bad credit with no guarantor lies in the quick approval policy of the online lenders. Unlike the greedy banks and typical lenders, the direct lending companies quickly review the online requests and give instant approvals. It is feasible, because there is no requirement to submit documents and hence the online teams of these FinTech lenders have no reason to waste time. They disburse the applied amount in maximum 3 days.
Myth 6: Defaulters and CCJs Can’t Apply
Fact: Defaulters, CCJs, and bankrupt are pretty much eligible to get these funds provided they are 18-75 years old and residents in the UK. Financial backgrounds of these people have nothing to do with the approvals. First-time borrowers having a zero credit score stand equal chances to get no guarantor funds as like good credit customers.
Myth 7: Hidden Charges Hitch Later
Fact: Gone are the days when you used to pay upfront charges and processing fees for availing any kinds of loans. Thanks to the online competition and FinTech, now you don’t need to pay anything extra for availing easy personal loans for bad credit. It is only possible when you have chosen a right lender whose lending policies are transparent and customer-friendly. You should check the terms and conditions before you apply for these funds.
Myth 8: Only a Small Amount can be Availed
Fact: This is NOT the truth. In fact, there are online lenders who are ready to offer £500 to £50000 for 6 months to 10 years. It totally depends on you how much amount do you want to avail and for how long you want to pay. If your repayment capacity is good and wants to save good money on total APR then always go for the short tenures. If you are unemployed or can’t pay off in high-value instalments, then always choose the longer tenures.
Myth 9: I should have an Active Bank Account
Fact: Again, it is a wrong myth! You can get the required money even when you don’t have an active bank account. Many online lending companies offer doorstep cash services for people who don’t have a bank account or who are ill or disabled. Even people who are unemployed and living on benefits can get the advantage of the doorstep service. It doesn’t cost you extra and you can repay the debt by giving cash to the company agent who comes to your home on every due date.
Why let your poor credit score affect you and your loving family? Apply for loans for bad credit no guarantor today and get the instant financial relief. Applying online is so easy.
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