How to Get 12 Month Payday Loans with No Guarantor

Are you on the hunt for a long-term loan to help you out with your financial troubles? When you’re suddenly hit with a huge bill you aren’t expecting, it can be stressful and worrying. Perhaps your car has broken down and you can’t get to work or your kitchen has an urgent plumbing problem. You may not know how you’re going to be able to afford to fix the problems if you live month-to-month on your salary and don’t have a lot of savings.

But the good news is that you don’t have to panic; you may be able to enjoy 12 month payday loans with no guarantor. Let’s find out a bit more about them so you can make up your mind.

What is a Guarantor?

It’s also important to understand who a guarantor is. Essentially, this is a person you know who takes responsibility if you can’t pay your debt. They are often referred to as a ‘surety’, as they guarantee to pay the debt you owe in a loan obligation if you can’t for any reason. In other words, they’re pledging their own assets to ensure the loan issuer gets their money back in the event you are unable to pay. A guarantor can be anybody you know and that co-signs the loan agreement. Normally, this is a close friend or family member; particularly, a parent or other close relative.

12 Month Payday Loans with No Guarantor

If you’re interested in a 12 month payday loan, you may think that it’s necessary to have a guarantor in place. This is especially true if you have bad credit. But there is no need to worry; it’s still possible to enjoy 12 month payday loans with no guarantor and even if you have bad credit. They’re not as rare as they once used to be and now lenders are more willing to look at other financial information than just your credit score. This means that you can enjoy a loan when you could so with some financial help.

So, what will lenders take into account before giving you a 12 month payday loan? They’re going to want to see some information about your finances. This will include having a UK bank account and being in employment. So, you’ll need to provide proof of income so payday loan lenders can see that they’ll get their money back from you every month if they give you money.

It’s always important to remember that payday loans can have high interest rates. This means that when you’re choosing a loan amount, always factor this into your finances. The last thing you want is to take out a loan and find it hard living month-to-month with your salary.