Why Contact Broker for No Guarantor Loans in UK?

  • Posted by Emma Adams
  • October 12, 2017 2:35:16 AM PDT
When struggling with poor credit rating and there is no guarantor to support your application for bad credit loan, a broker is the best person to contact with. Know lesser know truths about loan brokers here.

No one plans for bad credit score, but high debt to income ratio and unplanned credit bills generally result in poor debt management. When you struggle to upkeep your loan instalments and indulge in frequent rollbacks of credit bills and need more cash advance than ever before your credit health is already into pieces.

With over usage of the credit limit, it would not be a cakewalk to search for a lender willing to extend loan your way. In the absence of collateral, or guarantor the chances to avail an affordable bad credit loan becomes even murkier.

Involving a guarantor makes your loan application a bit attractive to lenders. For guarantor is the person who shares repayment responsibility with you. However, in the absence of guarantors or any other loan security, a bad credit loan calls for very high price.

 Herein a loan broker can come to your rescue. For they are not the loan sellers and share their advice free of cost. It is sad that many bad credit borrowers do not know how to make the best use of a free broking service and avail hassle free no guarantor loans for bad credit situation.

Broker vs. lender

 1. Too many loan sharks are posing as lenders in the UK. They are basically clone firms who are always on a lookout for victims. They offer cheap deals with hidden charges and harass borrowers later on while recovering their claims. So, when you contact directly to a lender, the responsibility to judge the legitimacy of the lender also lies on your shoulders. On the other hand, when you contact a loan broker, you need not bother about loan sharks. For brokers generally, work with an experienced pool of registered lenders. They do all checks by themselves and thus you are sure to be connected with a reliable lender.

 2. Brokers are experts in finding the customised deals. When you seek loans for bad credit without guarantors, you could rest assured of finding the closest match deal. They can search for an affordable instalment for a loan without guarantor for your credit condition. But when you contact a lender it would not be easy to convince them for the desired rate. Thus when you contact a broker there are least hassles involved.

 3. Lenders help bad credit borrowers frame a repayment plan. They act as loan advisors. They never ask you to choose deal A or deal B. They always introduce loans and share pros and cons along. All you need to do is get informed to make an informed decision. When you avail a loan after considering the repayment success, you are more likely to repay on time.

 All in all, loan brokers act as your loan buddies. They help you make a practical decision with a prudent plan to repay at the same time. As they bring ease of repayment on a platter for you, you can build your credit history by repaying on time. They certainly offer you an opportunity to get rid of bad credit history in real time.