Same Day No Guarantor Loans From UK Direct Lenders
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Representative 277.5% APR Representative Example: Borrow £700 and pay £111.27 per month for 12 months at an interest rate of 140% per annum (fixed). The total charge for credit is £635.24 The total amount repayable is £1335.24. Representative 277.5% APR (variable). Your APR rate will be based on your circumstances.
What exactly is a guarantor?
A guarantor is someone who enters into a loan agreement alongside the borrower and promises to repay the debt if it defaults in any way. If for any reason the original borrower cannot make the repayments, the guarantor takes over the loan repayments. Typically it is a family member, or a close family friend with a better credit score that enters into the agreement.
By taking this approach, someone with bad credit or younger applicants are more likely to be accepted for a loan.
So what is a no guarantor loan?
As the name suggests, these types of lending do not require any collateral to lend against or another person to agree to take over any defaulted payments. As an applicant, you are solely responsible for any money you borrow, and the payments that are agreed to.
They’re perfect if you can’t find a guarantor!
They are typically short-term and tend to favour those who might have been refused a loan in the past due to poor credit scores or not being able to find a guarantor. They are relatively new in the lending market as most loans in the past required a co-signature to be accepted.
In the past, receiving a fast loan from direct lenders normally meant a far higher APR as they are deemed higher risk but there are several choices on the market now at very competitive rates.
The good news, is that we can help you find the perfect loan for your needs in a matter of seconds by comparing factors such as: interest rates, repayment terms, UK lender reputation, additional charges and customer service.
Will not having a guarantor affect my loan terms?
Yes quite possibly, though not as much as you might expect...
Having someone who is willing to enter into the loan agreement effectively reduces the risk to lenders and can lower the APR. When you can’t find a guarantor the risk to the lending company increases so you might find that the interest rates are a little higher and the repayment terms are different. It’s important to use a comparison service like Pickaloan to compare the best loan options available to you.
What’s the likelihood of approval?
Whereas not having a guarantor used to be huge stumbling block for anyone looking to borrow money, there are several who now recognise that this isolates a huge number of people looking for an instant loan to borrow much needed funds.
Nowadays the market is actually quite competitive and there are several lenders willing to offer what are deemed more risk-worthy loans giving you more choice than ever before.
Every lender has their own individual approval criteria and process so use our online form to find the lenders that are most likely to accept your application today!
What are the loan requirements?
Though the actual products and criteria will vary between companies, in order to be eligible to lend you will need to meet the following requirements:
- Age: You need to be classed as an adult, so loans for 18 year olds and over are available. Above this there are no age limits.
- UK Resident: You need to reside in the UK, and have a valid UK address.
- Bank Account: A valid UK bank account tied to the address provided is needed.
- Income: In order to prove you can meet repayments you need to have a regular income.
Assuming you meet the requirements, you could receive a same day no guarantor loan in as little as 15 minutes!
Are no-guarantor loans for bad credit available?
Traditionally, having poor credit has been a huge stumbling block for those looking to take out a fast loan, but thankfully things have changed for the better in recent years.
UK lenders have increasingly realised that there are a great many people who unexpectedly need quick, short-term loans without a guarantor but having a less than desirable credit rating is holding them back.
Nowadays, there are a number of providers on the market who are willing to look beyond an individual’s credit score and take into consideration other criteria when determining eligibility. They tend to look at your current financial stability, income and employment when deciding whether to lend and offer no guarantor loans at low APR when compared to lenders of the past.
You may even find that by taking out a loan… and making each repayment on time your credit score increases as you prove you can responsibly repay money lent to you.
You can find a selection of lenders willing to loan money by simply completing our online form.
Are there any alternatives?
Yes, in fact nowadays there are a number of no-guarantor lending options available to UK residents, with the more popular being:
Payday loans are short-term unsecured loans that are very easy to obtain. In fact, it’s arguably the easiest no guarantor loans to take out. You can borrow as much as £1000 and pay it back typically in your next payday. The application is seamless and the approval rating relatively high. Payday loans are also considered loans for bad credit no guarantor which means you can apply and get approved despite having a poor credit standing.
If you have a vehicle that you can comfortably offer as collateral, logbook loans are no guarantor loans that you can consider. You can obtain larger amounts of cash from £500 to as much £50,000 or 50% and even as high as 80% of your vehicle’s trade in value. The payment term is also longer from 12 to 36 months giving you ample time to prepare for the proper repayments.
Personal loans are unsecured forms of no guarantor loans which means you don’t need to offer any form of an asset as collateral or security against the loan. All you need to put on the table is your personal name and reputation to avail borrowing amounts that can range from £5000 and even £25000 from a reputable lender.
Doorstep loans are bad credit loans no guarantor options that you can consider if you want a small but quick loan to cover urgent expenses. And just like the name suggests, you can take out the loan right in your doorsteps from a friendly local agent. With doorstep loans, you can borrow money from £500 to £1000 for a period of 2 weeks to a month.