What are no guarantor loans?
A no guarantor loan is a short-term loan that allows you to borrow funds at customised interest rates. The loans have no constraints on purpose, and you can borrow through an online process and use the funds the way you want. Additionally, no demand of collateral makes loans without a guarantor a dependable solution.
Taking a loan from an online lender has become a preferred choice due to the speedy process. Flexible lending policies, along with tailor-made deals, make it easy for you to access funds.
Quickloanslender offers competitive rates as we approve not only based on your credit score status but also your current income status. Hence, even if you apply with a poor credit rating but have a regular income and sufficient repayment capacity, approval comes hassle-free.
Key Features of No guarantor loans
- Fast online process
- Easy eligibility criterion
- No guarantor required
- No hidden charges
- Early repayment allowed
- All income types accepted
- Same day pay out
- Affordable repayments
Who can apply for no guarantor loans in the UK?
By following the eligibility criterion below, anyone can apply.
- Minimum age limit 18 years
- Regular income proof for the last six months
- Bank statement for the same duration
- Verified current residential address
How do loans with no guarantor work?
Loans without a guarantor are processed through a transparent system. Additionally, we encourage our customers to make informed decisions by determining their affordability through our free eligibility checker.
- Check eligibility and affordability – Use a loan calculator to check your eligibility without a credit search for no-guarantor loans with no credit check. Enter your financial details, including income and loan amount, and you will receive a pre-qualified offer. Accordingly, you can apply for the exact amount you pre-qualified for, which improves approval chances.
- Apply online - Now that you know what loan amount is within your repayment capacity, apply for it. Complete the online application form with your basic financial and personal details. These include six months of income proof, a verified residential address, and bank statements. This is the step where the lender does the affordability assessment.
- Receive approval decision - The affordability assessment for loans for no guarantor takes only a few minutes due to the digitised verification process. Once approved, you will also receive a loan agreement. It will be a customised agreement tailored to your repayment ability. It will have the interest rate, monthly repayments, total cost and due instalment date. You need to give your acceptance for further procedure.
- Get money in your account - This is the final state when you receive the funds. Immediately after you give your consent to the loan agreement, we process the fund transfer. It is an electronic fund transfer that takes a few minutes. Get money, and you can use it for any purpose.
After getting an easy fund disbursal, you can use it to fulfil any of your financial purposes and stabilise your financial life. Besides, we ensure easy repayment on no guarantor loans, which further makes things easier for you.
| No Guarantor Loans APR Example | |
|---|---|
| Loan Amount | £2000 |
| Repayment Term | 24 Months |
| Representative APR (Illustrative only) | 49.9% APR (Estimated only) |
| Monthly Instalment | £120 Approx. |
| Total Repayable | £2,880 approx. |
How to get approved for no guarantor loan with bad credit?
Yes, you can undoubtedly obtain a loan without a guarantor, even with a poor credit rating. However, an organised approach is required for the purpose. Due to a less-than-perfect credit score, your credit profile is risky for a lender. Hence, it is essential to consider several factors before and during the application process for no guarantor loans for bad credit. Read the suggestions below and boost approval odds for no guarantor loans -
- Work on payment behaviour - A direct lender can approve your funds if you show an improved payment behaviour. For that, they check your repayment record for the latest six months immediately preceding the loan application. Hence, during this duration, you don't miss or delay any debt or bill payment. At least 80% of your current debts should be paid on time.
- Check credit report for errors - With a poor credit rating, it is vital to ensure that there are no errors in your credit report. The reason is that the mistakenly mentioned information degrades your credit score. For example, a bill that you have paid, but it still shows as pending on your credit report. Hence, obtain the free annual report from Experian, Equifax, or TransUnion, and have any errors rectified.
- Apply for a loan amount you can afford - This suggestion applies even to people with a good credit score. However, in the case of loans with no guarantor needed for bad credit, it has more significance. You may get approved for a smaller amount with a good credit score. Applying for a loan with bad credit more than your repayment ability can result in rejection. Hence, check your eligibility through a soft credit check and apply for affordable no guarantor loans.
- Always look for credit score improvement: You have a poor credit score because of past mistakes. Now, you can improve your financial situation by following some credit improvement tips before no guarantor loan application. For example, you can register on the electoral roll, reduce the credit utilisation and consolidate debts if any.
What are the types of loans without a guarantor?
All types of short-term loans that come with a no-obligation policy can be considered types of fast loans with no guarantor. We offer numerous loan types that you can avail without adding anyone to help you borrow.
- Unsecured loans – This type provides the facility to obtain a loan without collateral or a guarantor. These are used to fulfil short-term to mid-term requirements.
- Short-term loans – A generic term used to relate to every loan product with no guarantor demand. These are not secured against any property. Borrow, use for any purpose and repay in easy instalments.
- Bad credit loans – Apply and borrow funds with bad credit without a guarantor and borrow on customised rates. No guarantor loans in the UK for bad credit from a direct lender are quite popular these days.
- Doorstep loans – New-age lending complements traditional lending methods effectively here. Apply and get approval online, then receive funds at your doorstep without requiring a guarantor. Also, we collect repayments from your place.
What are the Pros and Cons of a no guarantor loan?
The personal loans with no guarantor come with several advantages and disadvantages. However, in place of disadvantages, you can call them challenges. If you're familiar with them, making your borrowing decision becomes easier.
| Advantages | Disadvantages |
|---|---|
No demand for a guarantor is its first and most important benefit. Even after that, you get personalised deals. |
With no guarantor, lenders are on risk and therefore, they lend only a small amount with high interest rate and total loan cost. (Solution: You need to improve your credit score, ensure regular payment, and opt for a shorter term to get a low rate on no guarantor loans.) |
Improve your credit score, as bespoke loan solutions make borrowing and repaying funds affordable. |
You are sole responsible for making the repayments. Missing or defaulting the loan payments will hurt your credit score. (Solution: Approach our loan experts who guide you while looking for no guarantor loans repayment help.) |
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A fully online process ensures the speed and transparency of your loan request processing. From application to receiving funds and repayments, all occur online. |
If your recent financial behaviour has not improved with a poor credit score is already showing, getting loan approval may be tricky. Therefore, you need to show consistent improvement and affordability. (Solution: You can seek our loan experts’ advice, who provide you with no guarantor loans for poor credit approval tips or can register to various budgeting apps and credit building tools.) |
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Emergency funding is possible, considering the fast processing of no guarantor loans. This is impossible in the case of traditional bank lending. |
In the event of default, it becomes difficult to obtain a second loan. This is why borrowing with responsibility is vital. Repay on time and repeat borrowing for no guarantor loans with a larger amount. (Solution: You need to find out the complete solution for avoiding the default. For instance, you can select our direct debit repayment option or apply for smaller loan amounts for proper repayments.) |
Why Quickloanslender is a worthy option for no guarantor loans?
For several compelling reasons, people these days prefer no-guarantor loans from a direct lender. If you are reading this, you too have some relevant purposes. We give you all those reasons.
- Fast and transparent loan process - Application, approval decision, and fund disbursement all take a short time. Due to the online process, you do not need any paperwork. Upload all documents online and receive funds online.
- Not stringent policy on bad credit scores - You can apply with a bad credit score and get personalised, instant no-guarantor loans. The approval decision does not depend on your credit score, but rather on your current repayment capacity.
- Custom loan agreements - You get what you repay. The loan amount, rate, and repayment plans are customised as per your financial capacity. This simplifies borrowing.
- No broker involvement - You can reach out to us directly. We are not affiliated with any broker, as we are aware that they charge a substantial fee from fund seekers. We aim to offer affordable loans, and our customers directly connect with us.
- Fulfil small to mid-term loan - The maximum loan amount is up to £10,000. Even applicants for bad credit loans with no guarantor receive the same limit without discrimination. However, different lending companies offer different limits. You may get a higher amount on no guarantor loans, like £15,000. However, you need to provide income proof and repayment capacity to prove your affordability for the higher amount.
Quickloanslender is known for offering custom loan offers with dedicated customer support. Once you get approved, our executives do efficient online loan account management. No face-to-face meetings and a digitised process ensure a happy borrowing experience. A soft check is available for an eligibility check that helps you make wise decisions.