No guarantor loans have always been the first choice of people across the UK. Short-term financial needs can be well managed by using these loans, especially from direct lending.
Loans in direct lending are offered through a straightforward process, providing the best and customized offers. If you are looking forward to borrowing funds, apply now to any of the following best no guarantor loan lenders in the UK.
Why apply for no guarantor loans?
The loans without a guarantor allow you to borrow based on your individual repayment ability. As per your repayment ability, you can choose to borrow an amount.
With recent good payment behaviour, getting funds is easier. Direct lender loans without a guarantor are speedy and flexible. Immediate approval decision, speedy fund disbursement ensures smooth borrowing.
Hence, you must now be clear on why choose no guarantor loans. Let us now know about the lenders who provide this loan.
Lendable
It is a Fintech lender that offers no guarantor loans with an amount limit of £1000 to £25000. Its representative APR is 8.1% to 49.9% APR. The lender is known for providing lower-cost deals. However, it is a bit stringent for bad credit borrowers.
CashFloat
The lender offers no guarantor loans of small value. Due to its higher APR, qualifying for its loans can be complicated. With 295.6% APR offered by the lender, you can expect hefty installments. Hence, perform an eligibility checker before you apply for funds.
Finio Loans
The lender has a representative APR of 39.9% to 69.9% and offers no guarantor loans for small to mid-term needs. The loan process is digital and takes less or no time. You can borrow instantly using any device, as the loan process is device-friendly. Borrow funds while sitting at home or during a daily commute. No constraint of purpose and no demand for collateral, even for those with a slight credit score issue. However, in the case of a poor credit rating, approval may be a complicated thing to achieve.
Quickloanslender
If you are looking for cheaper no guarantor loan options, Quickloanslender is the most suitable name. Its representative APR is up to 38.9% and you can get an interest rate as per your repayment ability. If you are looking forward to borrowing funds from a lender with lower no guarantor loan interest rates, it is a dependable name. The best about this lender is its higher approval rate, even for bad credit borrowers.
118 118 Money
The lender offers a loan of £1,000 to £5,000 with a duration between 12 months and 36 months. The small loan amount limit may make it impossible to borrow a bigger amount. However, if you need a small amount for an urgent need, this lender is a dependable choice. For years, the lender has been providing customised loans to borrowers from all walks of life.
Fast Loan UK
It is a direct lender known for its small loans that commits to providing lower APR with speedy disbursement. APR will be up to 82% and your final deal will be as per your repayment ability. You can read the customer reviews to be sure about the lender, as that ensures transparency. Always check your creditworthiness before applying. It is because the higher APR loans may put you in a debt trap. The lender is not very flexible when it comes to customization. For a flexible borrowing experience, you can depend more on Quickloanslender.
Loans2Go
With a 679% representative APR, the lender is a known one. The higher APR concern compensates with speedy funding. For last-minute emergencies, you can choose the lender to avail funds without a guarantor. If you are looking forward to borrowing for any real reason, try this lender. See the rating, reviews, and the approval rate.
QuidMarket
Another short-term direct lender, but with a very high APR of 1200% which does not suit the budget. Most of the borrowers, including you, are looking for pocket-friendly deals. In that case, QuickMarket may not be the right choice. However, if you have no option, then the online speedy process of the lender can be a reason for you to choose it.
1Plus1 Loans
It has 39.9% APR, which is similar to the APR of many other direct lenders. If you want predictable installments on small to mid-term loan amounts, this loan provider is the best option. However, you can compare the loan offers on tenure, other charges, and lending speed. Something will always be there to make you realise which lender is better than the other.
Bamboo Loans
The loan company provides £1k to £15k at 26.9%–49.7% APR for all your personal needs. However, even business owners can borrow funds for their commercial activities. As there is no constraint on the purpose of borrowing, anyone with the ability to repay can get funds. During urgent needs for funds, finding such a loan option helps a lot. Due to affordable APR, it is simpler to plan instalments. Whether it is a medical emergency or an educational need, the loans offered by this lender without a guarantor requirement are surely helpful.
Cash ASAP
Yes, the lender fulfils the commitments its name shows. But due to super speedy funding, it has a very high APR. 1,200–1,300% APR is surely something that will make you think twice before applying for funds. It is better to use a free loan calculator and know how much you can afford to repay. But you know what, if you can, the repayments will be manageable. Apply for the loan. Only make sure you are applying for a real need and not just for discretionary expenses like vacation or expensive shopping.
Tips to compare lenders –
After reading about the lenders above, you should now focus on some suggestions to compare no guarantor loans better.
- Compare total cost – All lenders offer their own set of interest rates, and that helps you know the total loan cost. You can compare lenders based on the total cost of their offers.
- Loan amount and tenure – Some lenders have a smaller maximum loan amount limit, while some have bigger limits. You will definitely choose the one that has a more flexible amount limit. Also, the tenure of the loan is important. The longer the duration of the loan, the smaller the instalments can be. However, in that case, you end up paying a higher interest rate as a result of a higher cost.
- Charges and early payment penalty – A Charge for the early payment may or may not be applicable. It depends completely on the lending policies of the loan companies. Hence, you should always choose the one that does not charge an early payment penalty.
- Check ratings and reviews – Yes, this shows you the other side of the coin. The more you read about other customer reviews, the better you get to know about the lender’s lending policies. Existing and previous borrowers talk clearly about their borrowing experience. Hence, you can know whether you are choosing the right lender or not.
- Check your eligibility – Know about your creditworthiness and match it with the suitable lender. It is very important to know your credit purchase power, as that helps find the right loan offer. In that case, filtering the best options becomes easier.
- Demand loan quotes – Ask lenders to offer you a loan quote, as that does not include a hard credit check. Compare the lenders as per their quote and apply to the one you find most affordable.
Conclusion
As you can read above, the direct lenders of no guarantor loans in the UK have different offerings. You can choose any of these as per your financial ability to bear a loan. At Quickloanslender, we are committed to responsible lending with a transparent loan procedure. You can choose any lender you want, but we always personalize the best affordable deal for you.
Emma Anderson is a financial advisor at Quickloanslender who always believes in researching hard to know her clients’ financial problems. She takes the time to understand their financial wants and needs to write the blogs on them as the solutions. In her long 14 years of experience, she has written plenty of blogs on the financial and business sectors of the UK.
Emma Anderson has been recognised for her work in financial planning and her blogs are regularly published in the website of Quickloanslender. As far as her educational qualification is concerned, she has done Masters in Accounting and Finance, and done PG Diploma in Creative Writing.
