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Home » Guarantor » Guarantor- Applying for very bad credit loans

Applying for very bad credit loans no guarantor

How often do you get rejected a loan because of your bad credit history? Banks offer loans very selectively in the present day and age. Most people do not get approved bank loans and have to look for alternative methods to get a loan. There are some with very bad credit records. Such persons almost get rejected from all sources; even direct lenders often refuse such person money. For such persons now there is a new saving grace. Certain institutions offer a scheme which provides persons with very bad credit loans no guarantor. This might seem unbelievable but this scheme is on the rise.

Structure of loan

Some customers might be cynical about opting for such loans. Are you searching for the catch? The truth is that there are basically no loopholes in this scheme and it has been introduced solely for the purpose of helping those desperately in need of cash. The loan is same as any ordinary loan, except that you will not be rejected the amount.

The basic structure of the loan remains the same. The amount will be granted to the customer with a certain rate of interest. The sum will be granted for a certain time period within which the amount must be paid back. Because of the bad credit, the specific customer may get a levy on the number of instalments and rate of interest. The fact, however, remains that it must be paid back.

No guarantor required

The best part about the very bad credit loans no guarantor is needed to get the money in hand. This is a fresh and welcome change for many persons who wish to acquire a specific amount of money quickly. Often people find it hard to get guarantors as no one wants the responsibility.

A guarantor acts as a guardian or trustee on behalf of the person getting the loan. However, those with horrible credit records hardly get anyone to be their guarantors. The signature of this trustee will authorize the papers in normal circumstances. But under the very bad credit loans, such a requirement has been scratched out to benefit the customer.

Why opt for it?

There are several reasons which can be pointed out which make these loans an ideal option for those with bad credit. The reasons are stated below:

  • The biggest reason to opt for this scheme is that it is the only option available to those who fall under the category of bad credit.
  • The entire idea behind this is to show how user-friendly it is. The clauses all work in favour of the customer.
  • There is hardly any substantial interest which is taken on the loaned amount.
  • There is also a leverage given to those taking up the loan in terms of a number of instalments.
  • The sum to be paid in the instalments is also a small amount compared to other loans.

If it is proved that you are eligible for very bad credit loans no guarantor will be required for you. The amount will be transferred to you in a matter of days.