Guaranteed payday loans were introduced in the United States but these are growing at faster rate in the UK private lending market. These are small amount short-term personal loans up to £500 often disbursed for two weeks or until the payday. Because of the absence of interest rate restrictions, the offered annual percentage rate (APR) of payday loans can go up to 1,000% APR; although it depends upon the borrower where he settles the deal because the pressure of intense competition enforces the private lending agencies to propose just the least priced ‘convenient to borrower’ deal. The average payday loan is about £260 while the average repayment period is 22 days. The numbers of payday loan borrowers in the UK are increasing fast. According to statistics released in 2016 – 17, the UK payday lending industry was valued around £220 million in 2017, while it was of £2.5 billion in 2013. A BBC report states that 760,000 employed people availed the benefit of payday perso
Personal loan is the most sought after help by the people in financial problem because of different reasons. In most cases, this type of loan is not secured with asset or a guarantor; therefore, it is known as ‘unsecured loan’ also. The unsecured personal loan is a power to manage the emergency expenses during the crisis when no other option is left. It is the most dependable way for the UK people to survive and sail safe through the turmoil of financial crunch (Fig. Source: finder.com/uk ).. The majority of people trust the loans without guarantor in the UK being offered by FCA regulated direct lenders. However, getting the best deal needs a smart approach encompassing the selection of private lender, terms, fees, interest rate, process, support model, penalties, loan amount, repayment period etc. Pros and Cons of No Guarantor Personal Loan: Pros of Bad Credit Loans without Guarantor: The unsecured personal loan improves the spending power better than the c
