Guaranteed Loans No Fees
Guaranteed loans no fees.
Over 4 million people have applied for guaranteed loans no fees last year and this is on the increase. In 2011 that total was two million which show how application for these loans has double in just a few years. The state of the UK economy is what has led to the large increase in demand for urgent loans. Another reason that has increased the demand is traditional banks having a tougher approach for approving loans for people with bad credit.
What are guaranteed loans no fees?
A guaranteed loan is unsecured and provides short-term cover that people can use until they get paid next. The concept is that you take out a loan for up to 30 days in length before it is repaid in full to the payday lender. These loans are for any purpose but in general they are to pay for small unforeseen bills or expenses. This is very usual for people who struggle managing the cash flow and do not have savings to pay for unexpected costs. With the high APR they need to be used responsible or else the costs could end up putting you in a critical financial position. To be responsible you need to pay back the loan on time or else costs will grow rapidly.
Where can you find guaranteed loans with no fees?
A number of people get confused about where to find guaranteed loans. They approach their banks but these are not products which they offer. To find these loans you need to look on-line and there you will find hundreds of payday loans no fees on offer. Once you find a lender that you like the process is different from applying for a loan through a bank. You do not have to go through the painful process of meeting with an adviser or fill out paperwork and give a full details synopsis of what you want the money for. Instead it is a case of filling in basic details via an on-line application. This will take you no time at all and the automated system will give you an immediate answer. They are calling guaranteed loans no fees due to the high approval rate. Most people are able to get one of these loans and the best thing is they are same day loans no fees. You get money the same day without having to pay a fee to the lender. You will just have to pay the interest on the loan amount taken out.
What are the risks of taking out a guaranteed loan with no fee?
All financial products have some risk attached to them. With guaranteed loans no fees the biggest risk is with them not been used the way they are designed for. They are short-term loans so when taking one out you need to be sure that you can make the repayment in that time scale. The best way to work this out is by carrying out a budget plan before applying. If you have enough money to be able to cover the debt when you get paid next along with no having to secure additional finance then this eliminates risk.
If you do have problems repaying the loan then it will be your credit file that will be damage. These are loans without needing a guarantor so you are underwriting the risk completely on your own. By been guaranteed loans no guarantor it means that they are unsecured products. This means that you are not putting at risk personal assets to get the loan.