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Should You Go for No Guarantor Loans

There is much bother when you fall in some urgent need of money. Randomly, you approach your friends or family for some help. But this is not possible always. Maybe you have shifted to a new city and you realize that the house, you are moving in, needs some renovation. Asking them for any financial help will be embarrassing, and they will not have the time to find the address of the banks and apply there waiting long for the approval. Besides, who will become your guarantor in the new place? No one, perhaps.

It is time to open your laptop and try to search for some online loan choices, that can provide you money directly in your account without much hassle. As you do not have a person to be your co-applicant, it is better to search the lenders that offer no guarantor loans. Try to find loan deals with instant approval. You will be able to get the funds in less time.

Compare Before You Take

Once you start searching online, there will be a list of rate quotes and loan offers. You need to make a calculative and patient comparison. Interest rates, APRs, repayment schedules, and loan tenure are some basic parameters of comparison. Make an estimate, choose your deal, and compare it with your repayment capacity. Take a final decision only when you are sure that you can pay off that particular loan amount on time.

Look for the Home Credit Service

As you are new in the city, it is better to trust people after a face-to-face conversation. If you are comfortable, then search for guarantor-free doorstep loans that allow you to receive cash at your doorstep. You need to submit an online application form and once your loan application gets approved, the agent of the lender will come to your house. He will offer you some deals with different rates, you choose a deal and the lender’s agent will hand over the hard cash on the spot.

Play Your Part

It is fine to apply for a loan but qualifying for a loan is different from applying. There are certain conditions that you may need to fulfill while availing of funds. They will not take much time but they are an unavoidable part of the loan procedure.

Check Your Credit Score

The lenders have a special concern for credit scores. Online lenders have loan options for good and bad credit borrowers but not much for the worst credit scores. Check and make sure that you do not have the worst credit rating.

Current Financial Status

The important thing in borrowing is to convince the lender about your creditworthiness. In case you find your credit performance is not satisfactory but your current financial situation is good, then you have better chances to get approval. By the way, your salary slips are also useful because they show to the lender, that you have a regular source of income and he will get timely repayments of the loan.

The loans without a guarantor are higher in rates and monthly installments can be hefty. But, if you are a borrower with good credit performance, you can try to convince the lender to offer a lower rate of interest. It is a common perception that only secured and guaranteed loans have lower rates. However, due to some innovative solutions given by new-age lenders, it has become possible to avail funds at lower rates without obligation.

Urgent situations do not come; they intrude in your life. You need to tame them in less time and loans without the guarantor may help you do that.

Easy Loans offers lucrative deals on no-guarantor loans with rational rates. Borrowers with low credit scores can also apply. Doorstep loans are also available with no guarantor obligation.

Ajeet Sharma, the founder of Financegab and a well-known name in the field of financial blogging. Blogging since 2017, he has the expertise and excellent knowledge about personal finance. Financegab is all about personal finance which aims to create awareness among people about personal finance and help them to make smart, well-informed financial decisions.


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