So, you are looking for loans with bad credit and no guarantor. Luckily, you have come to the right place as we can help to match you up with lenders from a huge panel of lenders right here in the UK. There is a range of loans available and the lenders we work alongside offer some of the most competitive rates based on your circumstances.
The types of loan where you do not need someone to stand as a guarantor include:
- Payday loans;
- Short term loans;
- Secured or unsecured personal loans.
Each loan is tailored to fit specific needs. For instance, if you only require a small amount of money you might be better off applying for a payday or short-term loan. Loans such as these provide an opportunity to borrow just a small amount and repay the loan back quickly. They are often taken out to cover unexpected financial outlays where you need to get hold of a small sum of money until your next payday or spread the cost for up to 12 months.
If you need to borrow more money than what is offered with the payday or short term loan you might want to consider a secured loan or personal loan. The personal loan is more difficult to secure if you have a poor credit rating, but it may not be impossible. The lenders we work alongside will consider your credit file and peek at it, but they will also consider your current circumstances at the same time.
Borrow £100 to £500 with Payday Loans with Bad Credit and No Guarantor
The payday loan may offer between £100 and £500. It is one of the easiest types of loans to be approved for if your credit rating is less than perfect. Lenders will want to look at your credit rating, but as the amount you are borrowing is not huge, they will take into your account your ability to repay the loan too.
With a payday loan, you could pay the whole loan back on your next payday, including interest or you might want to spread it out over three paydays. To keep the cost of the loan down, as interest is added on daily, pay the loan back as soon as you are able.
Borrow £500 to £1,000 with a Short Term Loan
You might be able to borrow between £500 and £1,000 with a short-term loan. Lenders allow you to spread the cost for up to 12 months with this type of loan, but the longer the term, the more interest is going to be added and so the more the loan is going to cost in total.
When considering a short-term loan check the APR of the loan as this is what determines the interest added onto the loan? As a general rule of thumb, the lower the APR the less interest. However, also take into account fees on the loan when comparing for cost.
Personal Loans and Secured Loans
Personal loans are unsecured loans that may allow you to borrow up to £15,000 and spread out the repayments for up to 36 months.
Again, the lower the APR, usually the less the loan will cost in total. There is also a secured loan, which allows you to borrow the same amount. This type of loan may be easier to find approval for than the personal loan but it does come with one huge downside. This is the fact that you have to put something up against the amount you are borrowing, usually a vehicle or your home. This means that whatever you put up against the loan is at risk of being taken by the lender if you fail to make the loan repayments.
As we work with a panel of lenders finding loans with bad credit and no guarantor becomes so much easier. All you have to do is give us your details and you get access to multiple lenders with only one application. Apply today and get an instant decision with access to some of the most competitive rates online.
We understand how difficult and frustrating it can be when applying for loans with bad credit and no guarantor. If you undertake a search online for a loan, you will find links that proclaim you are guaranteed a loan even though you have bad credit. This is not true as no ethical UK lender is going to offer anyone a loan without first getting some background information about that person. Even payday loans require you to give the lender some details so they can make sure you can afford the loan.
With many false claims being made on the internet, you often visit a site and you have to wade through a long drawn out application form online only to find out that you cannot get a loan because you have a bad credit rating. You then have to go back to your original search and keep your fingers crossed that the next application will result in approval.
This all takes time and is frustrating, more so when you need to get hold of a small amount of money quickly. Thankfully, the lenders that we work with are more lenient when it comes to poor credit ratings. While there is no guarantee that you will be approved for a loan, you do get an instant decision. This means you do not have to wait around wondering, which is critical if you need to get hold of money fast.
Criteria for Loans in the UK
Bear in mind that to apply for any loan in the UK there are certain criteria you have to meet. To apply for any loan you have to:
- Be at least 18 years old;
- Live in the United Kingdom;
- Have a regular income;
- Have a bank account and debit card in the UK;
- Be able to set up a direct debit.
Once you have determined that you are eligible to apply for a loan you can go ahead and apply with our help by following the steps outlined below.
Step 1 – Tell us how much you want to borrow
To begin your loan application simply tell us the amount of money you want to borrow and how long you need to take the loan over.
We have made this simple and easy. Just use the sliders on the homepage.
We will then know what type of loan is going to be the most suitable for your needs.
Step 2 – Provide a few details
You can then provide us with a few details about yourself, this generally includes your name, age, address and the amount of income and outgoings you have each month.
The provider will use this information to determine if the loan is going to be affordable by subtracting your outgoings, from the money you have coming in each month. The amount left over is called disposable income and is money that you could use to repay the loan.
You might want to get an idea of your budget by using a free budget calculator yourself.
If you are applying for a payday loan to borrow a small sum of money the lender will want to know details about your monthly income to ensure that you would have enough funds left over once they take back the payment from your next paycheck.
Lenders will look at your credit rating when applying for a loan but they do consider your current circumstances too.
Step 3 – We search for loans with bad credit and no guarantor
Once you have given us the information you will get an instant decision as to whether you will be able to borrow.
We can search with a panel of UK lenders all of whom consider people with poor credit ratings and who offer competitive priced affordable loans.
If we match you with a lender willing to offer loans with bad credit and no guarantor, you can take your time to look over the loan and make sure that you know the full cost of the loan, including any fees and interest. If you are happy to go ahead, you can sign up the lender and money might be paid into the bank within hours.