Be wary of firms who promise cash for everybody
There's no such thing as a free lunch. Firms that promise guaranteed loans for any applicant aren't lying, but if no other lender will touch you then you shouldn't expect bargain borrowing. The more risky the customer, the higher the APR and the more your loan will cost you.
In the world of finance, it pays to be cynical. When a firm promises guaranteed loans to every applicant irrespective of their status or credit history, you have to ask: what's in it for them? The answer is cash. If someone can't get credit from anyone else, any firm that's willing to hand over some cash can charge hefty interest rates for the privilege.
If you're having problems persuading lenders to give you money, firms that promise guaranteed loans are a risky proposition: if mainstream lenders won't touch you, it's usually because they think you won't be able to afford the repayments. They may well be right – which means that taking a loan that's even more expensive is a very bad idea indeed. If you're drowning in debt and mainstream lenders won't touch you, don't rush into a loan you might not be able to afford to repay: talk to your local Citizens Advice Bureau instead.
loans.org.uk helps you find the best loans companies for your specific needs, and gives you background information on the various types of loans available in our loans articles, more loans articles and still more loans articles.
If you can't find what you want on loans.org.uk, be sure to check our loans homepage.