Don’t Get Fooled By These Myths About No Guarantor Loans
There is no doubt that in recent years particularly after the slump in 2008 Loans UK no credit check no guarantor has helped millions of people who are facing the poor credit issue. This is the reason this loan is now one of the most favourite amongst the borrowers but still few people get baffled by the various myths and rumours which are circling and afraid to take the advantage of this kind of loans. Here are top ten myths which mostly confused people and they have to take the help of the loan sharks instead of taking the leverage of the no guarantor loans.
Myths and facts of no guarantor loans
As these kinds of loans are considered as the unsecured in nature so most of the people try to avoid it. Another reason for this fear is the myths about these loans. Here are a few facts that can help you to understand the unsecured loans no guarantor easily and you can also apply for the same without any doubt in mind.
- Collateral is needed for taking this kind of loan
This is one of the most popular myths amongst people, that to take this kind of no guarantor loan you need to give collateral to the bank. But the truth is you don’t need to give any kind of collateral for taking these kinds of loans from the bank or any financial institution. These are risk-free funds that you can take to meet your financial woes.
- Different kinds of documents you need to submit
Though it is true that to take the secured loans you need to submit different kinds of documents starting from your credit reports to your bank statement to your income proof and so on, but in case of the unsecured loans, you hardly need any documents to submit.
- These kinds of funds are not reliable at all
When you are taking funds from a credible direct lender and without the help of any co-signer then it is evident that you are not bound by any kind of legality. So you can have peace of mind when taking these kinds of loans.
- There are more hidden surprises
Often people fear of the various hidden charges that they have to pay after taking the loan and which will surge the cost of the loan. But the fact is in case of this kind of loan there are no processing fees or brokerage fees to pay to your loan broker or any upfront fees or hidden cost as well. So you can rest assured about this part.
- I can lose my confidential information
All the lenders in this industry follow a standard procedure to protect the customer’s information and also use state of the art technology too. So your data always will be in safe hands.
- They charge extra for speedy approval
Most of the people think that how these lenders can approve their loan request so faster and for that they must charge something more. But in reality, they don’t charge anything from the customers and uses online application procedure so they can curb the processing time to half or less.
- Affects the credit score negatively
Even according to few people taking these kinds of loans can affect the credit rating negatively. The truth is that with this kind of loan you can rather improve your credit ranking easily.