Loans without guarantors are highly sought after. There are now more people looking to get their hands on loans and it’s easy to see why. However, there are many applicants that aren’t sure if the loans are really suitable for them or if they are going to work out for them also. Maybe it would help to learn a little more about such loans. The following are a few frequently asked questions that no guarantor loan applicants might want to ask! Read on for more details.
Will I Be More Likely Turned Away without a Guarantor?
Loans without guarantors mean just that: no guarantors required. Anyone who wants to apply for a loan without a guarantor can find they are more likely to be approved than rejected. Of course, rejections can come depending on a variety of factors but not because there’s no guarantor. The whole purpose of the no guarantor loans was to help borrowers obtain a loan even though they don’t have someone to be a guarantor.
I Have Poor Credit; Will My Application Be Rejected Because of That?
When you have poor credit, you will find that more often than not, lenders are wary about lending money to you. However, just because your credit is not in the best shape possible, it doesn’t automatically mean you will have your loan application rejected because of that. Lenders look at a wide variety of factors when it comes to borrowing money including how much income the home has, how much you’re asking for as well as many other things. Yes, credit does make up a big part of the lender’s mind but it’s not actually the only thing that will determine if you get a loan or not. Loans without guarantor’s applicants can have poorer credit; it doesn’t stop them getting a loan at all times.
How Long Will I Have to Wait Before I Get the Money?
A lot of applicants believe the waiting time stretches for several weeks and then when their applications are approved, it takes a further several weeks for the money to be sent. However, that is not quite the case because, in most cases, approval times can be fairly short, between 24 hours and seven days (depending on which lender you’re applying with). The money will usually be deposited within the chosen bank account you’ve given and the money is yours to do with what you like. Loans without guarantors don’t always offer long waiting periods which is very important to know.
Understand What a Loan Means for You
People borrow money all the time and while you might think it’s easy enough to get the loan of your dreams, you have to be wary. It’s important to understand what a loan can do for you and how it can impact your life as well. It’s a big ask to take on the responsibility of a loan and you should be prepared for the task ahead. Remember, loans must be paid back otherwise they can impact the credit and make it impossible for you to get any type of credit again. Loans without guarantors can be easy to deal with when you get the right loan.