You may feel that if you are looking for a bad credit no guarantor loan, then you will not have a lot of choice. The good news is that there are a lot of lenders available these days. This means that you are more likely to find a loan which suits your specific needs, but it can mean that you will have so much choice, that it is hard to know where to start. It is therefore worth thinking about the factors that will influence your decision.
These are just some examples of things you may want to look into. It is worth thinking about whether there are any other factors that you may want to consider as well. However, this list is important and it is worth bearing that in mind but also thinking about which you think might be the most important and which the next most important. This is because you will need to use them as a way to pick between the different lenders that you come across.
As we all know, it costs money to borrow. Even cheap payday loans. It can therefore be important to understand how much items cost and think about how you can pick the ones that are the cheapest so that you save money. With a short bad credit no guarantor loan, you will generally be charged interest and fees. It can be easy to see how much though as a lender will need to tell you exactly how much you will repay, depending on how much you want to borrow and therefore you can calculate the cost. You can then see which of the lenders will be the cheapest for you.
Representative Example: £400 borrowed for 90 days. Total amount repayable is £561.92 in 3 monthly instalments of £187.31. Interest charged is £161.92, interest rate 161.9% (variable). Representative 305.9% APR. We are a broker not a lender. We don't charge fees. We don't sell your personal information.
It is worth making sure that you are aware of the repayment terms. Some short term loans have to be repaid in a lump sum and this can be difficult for some borrowers to manage. Therefore look carefully and see whether you repay in instalments or in one lump sum. This could be important to you as it will determine how easy you find it to manage the repayments as well as how well you will cope financially with your other outgoings, once you have had to make that repayment. If you have more than one repayment, this could end up dearer for you. However, it will enable you to think about what you can afford and ensure that you will be able to manage the repayments.
Some people will want to make sure that the lender they use has a good reputation. You will be able to do some research on them online to find out more about them. You should also be able to find more facts about them on their website.
It is wise to also look at the terms and see how much they charge if you miss a repayment as this can be quite pricey, particularly if you think that there is a risk that you may do this. There may be fees involved or an increased interest rate or both. It is good to just be aware of this and see whether there are any significant differences between the different lenders. Like all lenders they will all charge, but they may differ in the amounts.
If you need to get in touch with the lender, then it is important that they have a customer service set up. You want to be able to talk to someone and have any questions or queries answered and to get any help that you need.
This may seem like a big effort, but you can make it easier on yourself. You can use a company called Omacl who will find small loans for you. You complete the details of what you are looking for in the loan and they will come back with suitable suggestions of lenders. This will cut down your time a lot. You can then look into more detail at those suggested lenders and you should be able to make a choice much more quickly.