Quick Loan No Guarantor – can you take out quick and easy cash?
According to various quick loan lenders, it’s completely possible.
The best part is that most people do qualify for these loans—many don’t require a guarantor/cosigner, but still will go through what is called a soft credit check.
This is not a full detailed credit check and it will not leave a footprint on your credit file.
A soft credit check will just confirm to the searching lender that you are who you say you are, including checking your full legal name, date of birth and home address to see if you are on the electoral roll.
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Many quick loan no guarantor lenders offer payday loans.
They’re common for a reason. Lenders frequently advertise payday loans or cash advance loans to borrowers who qualify.
What makes them ‘quick cash’ loans is that prospective borrowers can immediately receive their funds and repay over the time agreed.
Most quick cash loans have terms lasting as short as 4 weeks to as long as 1 year.
The idea is that the borrower will eventually repay their loan in full all as originally agreed.
Borrowers are also allowed to roll over their loan repayment if they can’t repay on time, but they’ll have to pay additional fees to do so.
Is a quick loan no guarantor worth it?
Quick loans, although convenient, do come with a significant price.
Payday loans typically have excessive fees, which are usually based off the amount that a borrower may take out.
Most lenders charge a fee based off a percentage of the borrowed amount or APR.
High annual percentage rates also make quick loans costly.
The annual percentage rate for these loans commonly total in the hundreds, causing fees to balloon past what a borrower would usually expect to pay.
Predatory lenders often expect borrowers to keep rolling over their loan if they can’t repay on time.
That directly contributes to the costs of a payday loan ballooning past a reasonable level.
What alternatives do I have if I need a quick loan?
Fortunately, you can find a quick loan with no guarantor alternatives on the financial market.
It just takes some time to find one.
You can request a small loan from your bank or another financial lender like a credit union.
This might not the best option for low or poor credit borrowers, since they might require a credit check or cosigner.
Based on your credit history, you may be able to take out a few hundred to a few thousand in funds.
You do, however, need to keep paying at least the minimum each month, especially if you plan to carry a rolling balance.
Why not use our loan application forms by going to the top Menu and choosing the one that suits you best.
You will get a loan decision online only a few minutes after submitting your completed application form.
See also Quick Loans Ireland.