Loans without a guarantor

If you have bad credit and can’t find a guarantor, don’t panic! Although your chances of getting accepted are higher if you have a guarantor, it may be simpler for you to apply without. There is no paperwork, no hassle and you can get funded the same day even with bad credit.

Are loans without guarantor right for you?

No guarantor loans are a specific type of short-term loan designed for people who are unable or simply do not wish to have a guarantor when they take out a loan. A no guarantor loan means that you are solely responsible for the loan you take out. Whilst this independence is what many applicants are looking for when they seek a loan without guarantor, it also means that it is very important that the short-term loan is repaid in the time and manner agreed with the direct lenders. Because loans with no guarantor mean the lender has no safety net if you do not repay the loan. Nowadays, more and more lenders now provide bad credit loans without a guarantor.

What is a guarantor loan?

A guarantor is someone who’ll keep up the payments if you can’t make them. So strictly speaking, most loans are loans without a guarantor.

Loans without guarantors – why you might take one out?

Lenders that offer loans without a guarantor tend to suggest it’s because you can’t find someone to be your guarantor. There’s also the pressure it puts on a guarantor. It’s a big commitment, as they’ll have to pay if you can’t. A guarantor is also putting their credit history on the line.

Perhaps you don’t know someone you can ask that has a good credit score? Even if you do, it can be a hassle to get their details when you come to apply. There are all sorts of reasons people apply for a non-guarantor loan.

No guarantor loans questions:

Q1 – Will I get approved for a loan without a guarantor?
Q2 – Can I get a loan for bad credit with no guarantor?
Q3 – Should I apply for a loan without a guarantor?

Will I get approved for a loan without a guarantor?

Each lender will have their own acceptance criteria. It’s vital before you apply for a loan you check these criteria and make sure you tick these boxes.

Can I get a loan for bad credit with no guarantor?

The quick answer is yes. Looking past a person’s credit history, many lenders now use more relevant, up-to-date data when assessing your application. Focusing on your current financial and employment status rather than just your credit history and score, many lenders now offer loans for bad credit with no guarantor that have been specifically designed for people with bad credit. As a direct lender, our role at Simple Personal Loans is to match you with the very best loans for your specific requirements.

Should I apply for a loan without a guarantor?

Ask yourself these four questions:

  • Can I afford the repayments on a no-guarantor loan each month?
  • What are the terms and conditions for the loan?
  • How much money do I need to borrow?
  • Do I really need this loan? Is there another way to access the money I need?

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