No Guarantor Insurances: Pros and Cons That You Should Know

The UK online finance market is flooded with thousands of insurances of different types. No secured insurances is one of the most promising unsecured funds that people choose to meet their financial needs and overcome various crises. Now the question arises, is this money feasible and legitimate? Well, of course, these financing options are legitimate and approved by the Financial Conduct Authority (FCA). But the problem is that both accredited and unaccredited direct lenders offer this money. Applicants should be very careful if they want to get real money and hassle free.
There are no guarantors that have various advantages and disadvantages that you should know before applying:

Positives:

• There are no strict eligibility criteria. Anyone between the ages of 18 and 75 residing in the UK can apply. CCJ Clients, Bankrupt, Delinquent, and Bad Credit Clients are fully eligible.

• Quick and easy online application procedure without hurdles. Applicants need only 2 minutes to complete the application process. There is no need to go anywhere. No queues, no waiting.

• Bad credit insurances with no guarantor specially designed for desperate poor credit customers whose applications for financing have been rejected by all conventional banks and other financial institutions.

• Gone are the days when you had to submit many documents to the lending company to get approved. Now, with the advent of FinTech, the paperwork is completely over. You don’t even have to attach scanned copies with the online form.

• As the name suggests, you can access these funds without a guarantor. You don’t have to chase co-signers and ask them to co-sign your application.

• You do not have to pledge any valuable assets to benefit from insurances for people with bad credit.

• Since the competition between direct lenders is very high, you have a good chance of getting an additional discount on the APR.

• You can get express approval as there is no credit check or direct lending companies do only ‘soft credit check’.

• Highly customized payment methods do not burden the borrower’s monthly budget. You can repay the insurance without a guarantor in easy installments.

Negatives:

• Chances of lending fraud are high as many unaccredited direct lenders offer bogus deals.

• The total cost is usually high because there are additional fees such as lender fees, upfront fees, processing fees, and more.

In general, no collateral insurances have various advantages that you cannot ignore. Yes, this money has very few drawbacks, but you can avoid them by applying to a trusted and approved direct lender.