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Representative 277.5% APR Representative Example: Borrow £700 and pay £111.27 per month for 12 months at an interest rate of 140% per annum (fixed). The total charge for credit is £635.24 The total amount repayable is £1335.24. Representative 277.5% APR (variable). Your APR rate will be based on your circumstances.
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Quick and Easy Process to the money you need. The most reliable lenders from across all the UK
Representative Example: Borrowing £14,500 over 5 Years, repaying £324 per month, total repayable £19,438, total interest payable £4,938. Annual interest rate 12.9% (fixed)
305.9% APR. £400 borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly instalments of £187.31.
Interest charged is £161.92, interest rate 161.9% (variable)
Guaranteed Loans for Bad Credit
Guaranteed loans for bad credit are usually guaranteed literally against a property or by a person to make sure the loan is paid back in full. It is not a surprise that lenders will require a sort of loan guarantee if the applicant is someone with poor credit or has previously been bankrupt. However, guaranteed loans for bad credit could also mean that you are assured to get a loan approval despite your low credit score. True enough that having a bad credit makes it hard to obtain a loan, but many lenders today cater to people with bad credit.
Guaranteeing a loan is a way to get the funds you badly need without putting too much risk on the lender. Guarantees are common in the student loan industry, in start-up businesses, and for people with low credit ratings or no credit at all.
The goal of a guaranteed loan for bad credit is to support people meet their financial needs, despite their bad credit history. Guarantees make it possible for people with bad credit to get the extra cash they need, for home ownership affordable to lower income households and first-time buyers, for students to finish college, and for investors to put up a business. No matter the credit rating is of an individual or company, guaranteed loans for bad credit are a huge help for those in need.
Guaranteed Loans for Bad Credit: Guarantee from the Federal Government
One form of guarantee is from the federal government, guaranteeing loans to people who are young and without real credit history yet. This guarantee encourages banks and nonbank lenders to lend to individuals and start-up businesses, and ensures that the lenders will be repaid.
Guaranteeing with a Guarantor
Anyone assuming this responsibility of your loan is called a guarantor. The guarantor promises to take responsibility of the repayments in case you default on the loan. Having someone or something to guarantee your loan increases your chances of being approved, and you can expect to be granted the amount you need at a lower interest than if it wasn’t guaranteed.
Guaranteed loans for bad credit with a guarantor are not entirely safe, as there is still risk involved. This loan still carry a certain risk because it is still possible that the borrower and even the guarantor can default on the payday loan if the liability is too large or if the guarantor is already struggling for other reasons.
All guarantees must be disclosed. It is important that the guarantor fully understands all aspects of the loan and its liabilities. Details about the loan that would involve the guarantor, the maximum potential liability, and any provisions under the guarantee must be discussed with the guarantor.
Guaranteeing with a Personal Asset
If you cannot find someone to co-sign your loan as a guarantor, you may guarantee the loan with personal assets such as your home equity or vehicle. This is the most common thing that people use as loan guarantees. When you guarantee a loan with a property, the loan can be classified as a secured loan. However, if in any case you can no longer pay your loan, the lender may sell your property to cover the balance of your outstanding loan.
If you are not a homeowner or if you are not willing to put it up as a loan guarantee, then you can use your vehicle to guarantee the loan instead. This type of secured loan or guaranteed loan is called logbook loan. Logbook loans accept any type of vehicle as guarantee, from cars to vans, motorcycles and even boats. On the downside, however, this type of guaranteed loan comes with a much higher interest than other guaranteed loans.
Lenders may also accept other assets such as jewelry, land, appliances, and bonds to guarantee a loan. However, as a rule of thumb, the amount you can borrow is also dependent on the value of the asset you put up as your loan guarantee.
Other Forms of Guaranteed Loans for Bad Credit
Another form of a guaranteed loan for bad credit is guaranteed by a government agency. The agency will purchase the debt from the lender, and take on the responsibility for the loan.
Guaranteed loans for bad credit that are small and short-term, payday loans are the most common example. When you take out a payday loan, your paycheck serves as the guarantee of the loan. Some lenders would ask you to write a post-dated check for the total cost of the loan or ask you to leave your ATM card to them. Others will automatically withdraw the amount electronically from your bank account.
Guaranteed Loans for Bad Credit in the UK
Guaranteed loans for bad no credit are quite popular in the UK, as more people with bad credit are looking for much affordable loans. This loan option in the UK ranges from all sorts of loans that uses a form of security to the loan such as property, paycheck, a person with good credit rating, and other valuable assets.
Guaranteed loans for bad credit are in demand in the UK because they allow borrowers to take out the loan amount they need and get a good deal even with bad credit. These loans can be small and short-term or large sums of money payable over a longer period, depending on the guarantee you put up.
Guaranteed loans for bad credit are the perfect solution if your credit rating is low or when it’s your first time to borrow and you have no credit at all, but you need a certain amount of money at a lower interest. A guarantee secures a loan, and therefore lowers the risk. Guaranteed loans for bad credit are not really a type of loan. They’re more like a viable option or solution offered by lenders for those with low credit scores or no credit yet.
Guaranteed loans for bad credit have both advantages and disadvantages, so make sure that this is the option for you before you apply for it. Make sure you can keep up with the repayments. Otherwise, you will face the awful consequences.
5 most recent personal loan reviews
This is my second loan with Bridge Finance and both times they have been very helpful and informative. Explained everything to me and made sure I understood the process and what would happen. I would recommend Bridge to anyone.
Review posted by Charlotte Ashton
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Wesleyan loans are a financial institute which is excellent for applying for loans. It looks at all your circumstances and provide loans to people who are refused elsewhere. They are fast and honest. I would recommend Wesleyan loans to anybody who needs a loan.
Review posted by Zafrullah Khan, Slough
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Really happy with my experience with Logbook. Most of the process was done online from the convenience of my own home. Really friendly customer services too! Highly recommended.
Review posted by Bethany Holcombe, Cirencester
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