If you have a poor credit rating and are looking for a loan you might be wondering what options are available to you. So, what are the options for loans for poor credit no guarantor in UK?
In fact, there are numerous options for loans that don’t require you to ask someone to stand as your guarantor. A Guarantor loan is one type of loan that people with poor credit ratings can apply for and get, however, its not suitable for everyone due to the fact that you have to have someone you can trust to stand as your guarantor. So what other choices are available?
- Payday loan;
- Short term loan;
- Secured loan;
- Personal loan.
All of the above loans don’t require you to ask someone to stand as a guarantor. The first three types of loans are easier to find approval for than a personal loan, but that is not to say you cannot get a personal loan.
How Much Do You Need to Borrow?
Depending on how much you want to borrow a payday loan might be a suitable loan to apply for with a bad credit rating. This type of loan is often taken out to cover a small unexpected financial outlay.
With the payday loan you can expect to borrow in the region of £100 to £500. This is usually more than enough to tide you over and get you out of a financial mess, until your next payday. Depending on the amount borrowed you might want to spread the cost of the loan out for up to three paydays. Of course, the longer you take to repay the loan, the more the loan will cost in total.
If you are looking for loans for poor credit no guarantor in UK and want to borrow more money, between £500 and £1,000 you might consider a short term loan. You can spread the repayments of the short term loan out for up to 12 months, which does give you a little more leeway. Again, the longer you take the loan over the more the loan is going to cost you in total.
If you need to borrow a larger sum of money, up to £15,000 you might consider a personal loan or secured loan. The downside to the secured loan is that you have to put something of value, usually your vehicle or home, up as security against the amount being borrowed.
A personal loan would allow you to borrow without the need to secure anything but this type of loan is more difficult to obtain with a poor credit rating.
Apply for Loans for Poor Credit no Guarantor in UK
We can help you to find a loan as we work alongside a panel of UK lenders offering numerous loan options.
The lenders that we work with will take your current circumstances into consideration along with your credit rating and they offer some of the most competitive rates around.
To apply for loans for poor credit no guarantor in UK with our help, you need to be over 18, have a regular income, have a UK bank account and debit card and be able to set up a direct debit from your account. Tell us how much you need to borrow and how long you want the loan over and we can then search with lenders to try to match you. The entire application is undertaken online and you get an instant decision. If we match you with a lender you can then look over the details of the loan to make sure it is what you need and that the repayments are affordable and sign up for it.