- Emma Anderson
- October 17, 2019
A financial emergency can hit you an anytime-a sudden medical tragedy, natural disaster or any short term surprising expenses. At that time, you desperately look for various financial help. But at the bad times, no one comes forward to help you except LOAN.
Online lenders in the UK understand your situation and ready to provide you with guaranteed loans. In this, you do not have to waste your time to visit any money lending company. You can easily get the approval without any hectic paperwork. But there are a few things that you should know before you choose guaranteed approval loans.
First, understand the basic definition of this loan
- Guaranteed loan: It is basically provided to those who need instant money help. Even irregular customers can get easy sanction if they approach direct lenders.
- Interest rate: APR may vary according to your condition and how much money you want to borrow.
Now, let’s have a look at the tips that can help you to grab guaranteed loans fast…
- Arrange a guarantor with good credit history
- Choose an online lender
- Choose a small amount to borrow
- Keep your credit history up to at least fair level
- Ensure lender on proper repayment
- Apply for loans only when you are employed
- Try to use collateral as ‘third party’ assurance
Arrange a guarantor with good credit history
If you want to get instant approval, then you can provide a guarantor to the lenders. You can choose anyone. It may be your spouse, friends or any relative. But make sure they know the terms of the loan. And guarantor should know that if you fail to repay the money on time, then they are responsible to pay the whole amount.
Choose an online lender
If you move towards the traditional lenders, then you may have to face rejection. They follow strict criteria and rules that stretch the loan procedure. But as we have discussed that online lender is very flexible, they understand your situation.
They do not follow any strict rules before providing the loan. So, approaching online lenders is the best choice for you.
Choose a small amount to borrow
If you choose a small amount, then the probability of getting approval is high. It is because of the fact that providing a large amount without any surety has become risky for money lenders in the UK. You must have savings so that you can easily manage your savings and borrowing money.
Though you can get a large amount but you have followed certain things that we have discussed below.
Keep your credit history up to at least fair level
You can receive a large amount of your credit history is good or at least a fair level. This will help the lender to provide your instant approval without any delay.
Ensure lender on proper repayment
The lender may ask for your repayment ways. So, if you are able to represent how you will able to repay the borrowed money, then you will get the prompt approval. But make sure the reason seems genuine and practical.
Apply for loans only when you are employed
It may happen that you have a bad credit score and won’t able to find any guarantor. In that situation, you can show your pay-check to the lender. It is a very convenient way to get a loan because the loan providers never consider an employed person risky. They know that with the next monthly income they can easily clear off the payments.
Try to use collateral as ‘third party’ assurance
Many such situations occur where people face sudden job loss. In that scenario, no one wants to be your guarantor. And it may happen that you are one with the less-than-perfect-credit score. Still, you have a chance to get the approval and i.e. THIRD-PARTY ASSURANCE.
If you have any assets, then you can use that as collateral. Though it is a bit risky but you can borrow as much as the amount you want to. But remember one thing that if you fail to repay the amount, then lenders have the right to seize your house.
You can follow the above tips to get the loan fast. And you can utilise the money to recover the situation. There are various other types of loans such as PAYDAY LOAN where you can receive funds within a day but in case of online lenders.