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Non Guarantor Loan as a Type of Unsecured Loan
Afraid of applying for a loan with collateral? Well, here’s the new deal and they call it “unsecured loans”. Why? Because unsecured loans don’t require collateral where in lenders don’t have the right to take any of your assets if ever you were incapable of repaying your loan. Unsecured loans are also known as “signature loans” where in all you need is your signature that serves as your promise to repay the loan without compromising your assets through collateral.
There are several types of unsecured loans; credit cards, student loans, and personal loans. Credit cards may not sound like a loan for most of us but still it is considered as unsecured debt. Student loans that came from the government are often unsecured too. Personal loans are unsecured loans because like credit card you can use it for any purpose you want.
So how do you get approved for unsecured loans? Well, the lenders will just take a look if you have the ability to repay the loan so you should always established a good image for your source of income so that lenders will trust you that you have the capacity to repay the loan whether it’s a secured loan or unsecured loan.
Now, don’t worry if you’re struggling financially and can’t qualify for unsecured loans because there are still options like “co-signer” it could be a family or a friend you’ve known for a long time. They will be the one responsible for your loan if ever you don’t have the capacity to repay. So make sure you’ve had a good deal and everything is documented. Then borrow less, knowing your debt-to-income ratio will help you manage your funds. If you apply for a smaller loan then you’ll pay for fewer fees but if you’re struggling financially and you apply for a larger amount of loan then it will cause you more financial problems. So always make an advance computation and apply only for a loan that suits your monthly income.
One of the most important requirements when taking out a loan is employment because the lender assumes that this provides you a stable source of income. For this reason, unemployed borrowers will have a hard time getting their loan applications accepted.
Getting A No Guarantor Loan With No Job
Applying for a loan when you are jobless can be tricky but it is possible. There are a few options to choose from when you’re unemployed, such as payday loans, doorstep loans, and other types of short-term loans. These lenders are more likely to accept you despite having no job; however, the interest rate that they will charge to your advance is more expensive.
Compared to banks and traditional lending facilities, the loan application is easier and quicker but, like other lenders, they will still ask for a few requirements which they will use to assess whether you’re capable of repaying the loan or not. Some of these prerequisites include:
Proof that you are receiving benefits or pensions
Other sources of income
Some lenders may still conduct a credit check therefore, be sure to check your credit report before applying for a loan. A good credit remark increases your chance of getting a loan while a bad credit remark may result in rejection.
How to Apply for a Guarantor Loan With No Job
When getting a loan for unemployed, you can start by searching for lenders online. Compare at least three to five loan providers first and check the reviews they have from their previous clients before you submit an application.
Once you found a potential lender, fill out the form from their website. It will ask about your personal and financial details so be sure to complete each inquiry with honest answers. After submitting the loan application, wait for a verification call or email. Once all the information is verified, the lending company will release their decision and once approved, the money will be sent in a matter of days or in just one hour.