If you are experiencing a bad spell financially and urgently need a hash, what should you do, and where should you go? If you have bad credit, then things become even worse. Nowadays, the majority of banks approve a loan with a guarantor, but happens when you can’t find one?
In recent years, millions of people turn to payday loans or online lenders who promise excellent conditions. But, in reality, the interest rate is usually high, and you often end up repaying ¼ of what you took. So, let’s compare the loans which don’t require a guarantor and see what conditions they are offering.
Citrus Loans Personal loan
In this case, the loan type is personal, and you can lend from £2,000 to £25,000, which is a considerable amount. The representative APR is 16.9% and the repayment time is between 12 months and five years, depending on the amount you choose to borrow.
So, let’s look at the example: if you borrow £10,000 over three years, with the representative rate of 16.9%, you will pay £350.17 per month and £12,606.12 in total. However, you have to meet specific requirements; you need to be UK resident, be older than 23 and have a minimum income of £15,000 and the most important thing, they accept the bad credit rating.
1st stop Homeowner plus-for homeowners only
Again, we have another personal loan type. The amount you can borrow is between £2,000 and £15,000 with the 24.9% APR variable. The loan term goes between 2 and six years.
For example, if you borrow £4,000 over three years at a flat rate of 12.7%, you will repay £153,68 per month and £5,535.48 in total. In this case, the interest is nearly 1/3 of your loan. Also, you have to be UK resident, 21 years old and have a minimum income of £15,000 to be eligible for the credit.
Guarantor My Loan Homeowner Loan
This is a guarantor loan type, and the amount you can burrow is between £1,000 and £10,000 with the representative APR 29%. The loan term is between one and five years. Considering the representative rate is 29%, so if you borrow £3,000 over three years at a rate of 10% p.a., plus a service fee of 15.74% you will repay £120.46 per month and £4,333.56 in total.
Again, this loan comes with certain conditions; you have to be UK resident, at least 18 years old, it has some geographical restrictions. However, you need to have a guarantor to apply for this loan.
Progressive money personal loan – homeowners only
This is a personal type loan, and you can lend between £1,000 and £15,000 with the representative 31.77%. The loan term is from 18 months to 15 years. For instance, if you borrow £15,000 over 120 months, you would have to repay £390 per month and £44,687.00 in total.
Aspire money personal loan
Aspire Money provides with a loan brokering service with no upfront fees and no guarantor needed. You can borrow between £500 and £25,000 with the representative 49.9% from one to five years. You have to be a UK resident, and minimum 18 years old. People with a poor rating are eligible for this loan.
Everydayloans personal loans
There is no effect on your credit rating, no fees or charges will be applied. This is a personal type of credit, and you can take up to £15,000. The representative APR is 93.6%, and the loan terms are 2-5 years. You have to be a UK resident, 18 years old and have a minimum income or £8,400.