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In the past, it was difficult to secure a personal loan without a guarantor, especially if you had bad credit. This system made it difficult for a lot of people to get a loan when needed. Nowadays many lenders offer personal loans without a guarantor or excellent credit.
This means that you can access the money you need even if you do not have a guarantor or if you have bad credit. Keep reading to learn more about securing a personal loan with no guarantor.
Personal loans are designed to provide money when you need it most. People take out personal loans for a variety of reasons. These include home repairs, medical bills, debt consolidation, and more. Money is borrowed from a lender, like a bank or online lender. You then pay it back over time in monthly instalments.
There are a couple of types of loans available, including unsecured and secured personal loans.
Many people choose an unsecured loan because it does not have to be backed by collateral. This type of loan is not backed by a personal asset, such as your car or house. You do not lose the asset if you happen to default on the loan.
Secured loans are backed by an asset. They typically offer better rates but carry a different level of risk.
Qualifications for a personal loan depend largely on the lender. Standard practice for personal loans typically involves factors such as credit score and credit report as well as the debt-to-income ratio.
Rates for a personal loan is often dependent on a borrower’s credit score. Borrowers with better credit can receive more favourable rates. It is still possible to receive a personal loan with bad credit.
A lot of lenders offer personal loans for borrowers with bad credit scores but require a co-signer or guarantor. This person also assumes responsibility for the loan if the borrower defaults or fails to make payments.
Borrowers who need a personal loan but do not have access to a guarantor or good credit often find themselves in a bind. Their options are not completely limited though.
If you want to take on credit alone, or have to take on credit alone due to circumstances, a no guarantor loan is an option. This type of loan does not require you to have a second party guarantee your loan or pay if you do not make payments.
There are a variety of situations that prevent borrowers from asking a guarantor to sign with their personal loans. You might not have someone available to sign with you. Or you might be unable to ask somebody for help if you fail to make payments.
Whatever the reason, a no guarantor loan is the solution. While it is often easier to be approved for a loan with a guarantor, it is possible to take on credit alone in the form of a personal loan.
When searching for a no guarantor loan, it is crucial to do your research. Different lenders offer different rates and terms. They often have different requirements for qualifying for a no guarantor loan.
Be aware that interest rates tend to be higher for no guarantor loans. You may also have access to lesser amounts than you would with a personal loan with a guarantor.
There is typically less paperwork involved in applying for a no guarantor loan. This is because you do not have another party signing with you. Many lenders offer online loan calculators and applications to help you determine how much money you need and apply for approval.
Once approved, you can access your money fairly quickly. The lender will establish a regular monthly payment schedule. You must follow this schedule to avoid defaulting on the loan.
It is possible to take out multiple personal loans at once. But it is important to manage your debt. Personal loans are often used for unexpected expenses like extensive automobile repairs or hospital bills. There may be situations when you have no choice but to borrow money. However, if you can avoid taking out multiple personal loans at once, that is typically recommended.
Some lenders may require that part of your initial loan balance be paid off before you can qualify for an additional loan. It is important to note that your rates may not be as favourable on a second loan. This can lead to even more debt.
Also, borrowing more money than you actually need can raise the cost of your loan. This can cause difficulties with paying off loans in the future.
Poor credit is a concern for many borrowers who seek a personal loan. Your credit score and credit history are used by lenders to determine your ability to pay off a loan. This makes it harder to secure a personal loan with bad credit. However, the task is not impossible.
There are many options for personal loans from lenders despite a poor credit score. As with no guarantor loans, it is important to thoroughly research your options before signing an agreement. A bad credit loan often comes with a higher interest rate or less favourable loan terms.