If you have bad credit, finding loans with no guarantor may be difficult. Let us help you explore your options, so you can make an informed decision.
Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk
Representative 535.3% APR
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You must be over the age of 18, a citizen of the United Kingdom, employed, receiving a pension or disability benefit, to be considered for a no guarantor loan. These are the only qualifications lenders require to consider your application, but applications will be subject to credit worthiness assessment.
Interest rates may vary depending on the amount and terms of the loan. Repaying loans over a longer term may reduce your monthly payments, however, it is likely to increase the total amount of interest repaid. Borrowers should choose amounts and terms which that they can comfortably repay.
In regards to loans for bad credit, a guarantor provides the lender assurance that the loan will be repaid if the borrower defaults. Lenders typically don’t charge as much interest if they are able to rely on a guarantors for repaying loans.
Guarantors should have better creditworthiness than the borrower.
Not necessarily, if you are not comfortable asking a friend or family member to be a guarantor, there are still many lenders that offer loans for borrowers with bad credit. Keep in mind, these loans typically come with a higher interest rate than guarantor loans.
Usually, it is pretty obvious if you have bad credit. If you have borrowed money either through credit cards or loans, and have multiple missed/late payments, have past due balances, or defaulted altogether you likely have bad credit. In more severe cases you may have received notices from debt collectors which have led to CCJs or even bankruptcy. The easiest way to know for sure is to check your credit rating with the credit reference agencies.
A broker has relationships with multiple lenders. Brokers search their lender panel to find the borrower the best loan for their circumstance or presents the borrower with a list of loan options, from which the borrow may chose.
A direct lender is a company that actually makes loans.
All loans are subject to affordability assessments and credit checks by lenders, so you should only borrow an amount you can afford to comfortably repay. With that said, short term loans (borrowing for 12 months or less) go up to £2,000. When borrowing for a term over 12 months, loans up to £25,000 are available.
Warning: Late repayment can cause you serious money problems. For help, go to www.moneyadviceservice.org.uk
Representative 535.3% APR
Our application takes only a few minutes to complete. If your application is accepted by a lender, there is a final approval process. This generally happens within 45 minutes, and your funds available in within minutes.