If it is not possible for you to go ahead with a guarantor loan, for perhaps the reason that you can’t find a guarantor, then just what is the very best guarantor loan alternative? If you look to the contents to your right you will see a number of great suggestions such as a doorstop loan or perhaps a logbook loan, but in recent months I have come to the conclusion that the really efficient loan products are coming from the major UK payday loan lenders. Although there are a large number of impressive payday loan lenders operating on the UK market today, it is really the two headliners that pull out all the stops and a recent comparison I made allowed me to see this more clearly. These two major headliners are of course PaydayUK and QuickQuid who continue to take a large market share of all payday loans (cash advances) in the UK.

Now, both PaydayUK and QuickQuid do carry out a credit check, but they do actually say yes to more people than any other payday loan lender does, showing great leniency towards those possessing a poor credit profile. PaydayUK have always set the interest bar at 25% of the amount that you borrow, whilst QuickQuid offer either 20%, 25% or 29.5%! These three tiers are matched to your credit profile and so you may just fall into the 29.5% bracket. The great thing about these lenient credit checks are that both PaydayUK and QuickQuid will report to the major credit reference agencies and so you can build your profile from scratch with them. Both guarantor loans and payday loans are ideal if you do wish to climb that financial ladder, but of course this is only possible if there are no glitches once you do receive a loan from any of them.

What makes these two payday loan lenders have a greater edge over every other subprime solution available today is due to the great efficiency of these loan products. You receive a hassle-free loan, whereby no faxing is required – if they say yes, the money is sent your way straight away! The next stage here would be to look at how quickly the money is then sent over! Well, QuickQuid provide free same day payments and PaydayUK have in the past provided BACS payments that can take three days to clear. As you can see from the banner below, PaydayUK have upped their game and are now offering “Faster Payments”! And so today, both payday loan lenders provide a same day payday loan with no faxing! As much as I love guarantor loans, there’s never going to be a day that you can receive one on the same day and you’ll always have to send off documentation to complete the loan process.

Of course, a guarantor loan is a large unsecured loan product providing new customers with a loan amount of up to £3000. The problem with the named payday loans will be the amount of funds available and of course the time span that such amounts have to be paid back. It would usually be a good idea to start off borrowing £100 from PaydayUK or QuickQuid and then as a returning customer you could be granted £750 with PaydayUK and an impressive £1500 with QuickQuid; there is always an option to rollover your payday loan if there is ever a problem with paying the loan back when the payment date arrives! The loan amounts and repayment plans make guarantor loans stand out here, but a payday loan could quickly develop your credit score, so you could later apply for a large unsecured loan with a lower interest rate to that of a guarantor loan.

In my opinion, the best guarantor loan alternative would be found by going through either PaydayUK or QuickQuid who both offer benefits that other subprime lenders can’t match today. Don’t forget that these two payday lenders allow you to run your account management online and have a very responsive support desk which is always handy! I think above all else, these are very fast hassle-free loans that allow you to quickly rebuild your credit profile from scratch. The payday loan boom has continued to expand over the past year. The lenders continue to develop greater loan products and you can even see the big names such as QuickQuid and Wonga on our TV screens. So the quality and popularity is certainly here, showing no signs of slowing down. If a guarantor loan is out of the question today then why not try on of the payday loan giants?

Payday Loan Lender: PaydayUK

Payday Loan Lender: QuickQuid
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