Bad Credit Loan No Guarantor

Loans that do not require a guarantor are a type of unsecured loan. There is no need to request a family member or friend to co-sign the loan. Guarantors are people who sign with a borrower to be financially liable in the event that the borrower fails in repayment of the no guarantor loan. Accordingly, the repayment of the loan is only your duty. At PM Loans, we can provide the option of a bad credit loan no guarantor, and short term loans as well as cash loans. The borrowing agreement of the loan is entirely between the lender and yourself. Wherefore, you can maintain your confidentiality with no problem.

What is a Poor Credit Score?

Poor credit is on the basis of your credit score. An individual is viewed to have bad or poor credit if their credit shows a history of late bill repayments or they owe excessive amounts of money. Your credit history is based on:

  • Credit mix (if you have a diverse portfolio of credit accounts)
  • Your income
  • The length of time of your credit history
  • Your credit utilisation
  • The affordability of what you’re asking for

Bettering Your Credit

Elevating your credit score can be done by registering on the electoral roll and making sure repayment are made promptly. Improving your credit can be crucial to making your financial life more effective because consequently, money management becomes easier.

Here are the reasons why a good credit score can immensely work to your advantage:

  • Superior car insurance rates. Auto insurers tend to use a bad credit score against customers. Insurance companies believe that those with a bad credit file tend to file more claims. Having a good credit score allows to fork out less money on your car insurance.
  • Greater negotiating influence. Having a good credit score provides you leverage to negotiate a lower interest rate on a new loan or credit card
  • Your credit limits increase. Because you demonstrate that you can repay what you’ve borrowed on time, banks will be willing to allow you to borrow higher amounts of money.
  • Access to more offers. Having a higher credit score means enhanced chances of approval.

Loan Repayments

The repayment conditions for our no guarantor loans are fair and straightforward. The time frame for the loan to be repaid by is up to you, select it on our online loan calculator. It can be between one month and twelve. You’ll also view the repayable amounts in advance. This guarantees that you’re not caught off-guard by the total repayable amount. The time frame that you pick can have an effect on the interest rate of your loan, please be mindful of this.

At PM Loans, we review your affordability instead of just credit to ensure there’s the certainty that you’re able to comfortably repay the loan. Even if we’re unable to offer you a loan we’re able to signpost you to other agencies who might be able to help with your debt issues, such as the Money Advice Service as an example.

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