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Loans for Bad Credit Borrowers
When money is tight, times are rough, and you badly need to get a loan but don’t meet the criteria, it’s time to get a guarantor.
So what is a guarantor? It functions similarly to a co-signer, but on being a guarantor, the lender has the right to repossess any of your property if the borrower defaults or fails to pay the loan. If being a co-signer was risky, being a guarantor is even riskier. That is why if you want to be a guarantor, you’d have to make sure that the borrower is trustworthy and will pull through with the payment.
You might ask, who can be a guarantor? The main requirement for being a guarantor is you must be 21 years of age, must have a good credit history and score. And being a homeowner adds more credibility to being a guarantor.
Might be that you need a guarantor or you’re approached to be one, better think about it hard because it carries a huge financial risk. People who usually need guarantors are people with low or bad credit history, have a low paying or just started a new job.
So if you know someone, or you’re being asked to be a guarantor, you need to evaluate yourself.
Is the borrower responsible?
Why do they need a guarantor? Is it because they have a bad credit? And if yes, are they good at handling payments?
If the borrower defaults, can you afford to pay the debt?
Would the fallout of the loan cause strain in my relationship with the borrower? And also keep in mind, once you’ve signed the paperwork and start being a guarantor, you can’t really quit till the loan is repaid. And if all things go bad, remember that it will affect your credit report.
When having a poor or non-existent credit history, you might think getting a personal loan is not possible, or any loan for that matter. But as always, although limited, you still have some options. There are lenders or loans that doesn’t require any credit checks.
You must first evaluate yourself if a loan with no credit check is what you really need or if there’s no other option for you. Because these type of loans will certainly have huge drawbacks, like having astronomical interest rates, harsher terms, and is generally not for someone who can qualify for other better loans.
You can get a monthly report for free of your credit history, which doesn’t affect your credit at all. Use that so you’ll have a better idea of where you stand.
Know your Credit Score.
When you have little to no credit history, you have what’s known as a “thin credit file”, which means your account history has a few credit accounts, which makes the lenders have a hard time assessing your risk. That results in you having a hard time getting any loans.
Whether you have an excellent, bad, or just a thin credit file, make it a habit to check your credit score and know what’s in your credit reports. You might be able to qualify for a loan with better terms, thus saving you money over time.
Approach a lender directly
You can approach a lender directly and tell them if there is any way for them to approach your loan application a different way, by taking a look at your other credentials, like your income and financial status to prove your creditworthiness.
Many lenders are already taking a look at other data other than your credit score in determining if you’re a risk or not, such as your personal information that isn’t shown on your credit reports. By doing this, they will have a better understanding of your financial and physical profile, which will help in your evaluation.
When asking for a loan without credit checks, you need to at least have documents ready to prove your creditworthiness, such as:
Employment history and pay stubs
Credit Card debt reports
Where can you get a personal loan with no credit checks?
Online Lenders often prioritize your financial health compared to your credit scores. If you are more than capable of paying for the loan, they’ll have no problems with that.
If you’re a member of a Union, you might be able to get a loan without a credit check. Being a non-profit organization, they are known for their good rates, and they might consider your other credentials besides your credit scores.
Payday Loan Companies
If you’re really desperate for a loan, then you can consider getting a payday loan. On top of having a short repayment method, payday loans are notoriously known for having sky-high interest rates.