No Guarantor Loans - Guarantor Not Always Needed

When it comes to finding a loan there are many options available, including loans with and without a guarantor required. To help you understand the key facts relating to these loan types, below we take a look at no guarantor loans and which borrowers they may be suitable for.

What are no guarantor loans?

If you are looking for a loan there are two options available, those which require a guarantor and those which don’t. If a person has a poor credit history, they may be asked to provide a guarantor who will be responsible for covering any loan repayments which are missed.

However, if your credit rating is not perfect and you do not have a close relative or friend willing to act as a guarantor, it may still be possible to arrange a no guarantor loan.

What loans can I get without a guarantor?

In many situations a loan has a greater chance of approval if a guarantor is included in the application. This is because the lender is provided with extra security, so there is a reduced risk of the loan falling into arrears. If you are looking for a loan without a guarantor, there are still options available to you. 

We can help you arrange loans from as little as £100 up to a maximum amount of £5000, with repayment terms designed to suit you. For a loan of less than £1000, the repayments can be spilt across 3, 6 or 12 months, although for larger amounts the repayment period can be up to 36 months.

As a broker which is committed to responsible lending, we have developed a market leading tool which provides you with access to both traditional and alternative lenders. Whether you have a perfect credit score or have a history of missed payments, we will try to match you to a lender which specialises in your situation. As with all forms of borrowing it is important to think about whether you can comfortably afford the loan repayments before you take out a loan.

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

In many situations it is difficult to find a family member or close friend which is able and willing to act as a guarantor. This is because many lenders are strict with who they will accept as a guarantor. For example, they must have a good credit history, be employed and be aged over 21. As with all loans there are risks and if you are unable to repay the loan, the responsibility will fall to your guarantor.

If you are struggling to find a guarantor and have a poor credit history, we may still be able to help. We work with a variety of lenders which pride themselves on their open-minded, progressive approach to lending. If you have been declined for a loan in the past due to poor credit, you will be pleased to know that our lenders consider several factors when processing loan applications. Although your credit history is important, the lenders will also consider factors such as your current ability to make repayments. If they are satisfied that the loan repayments are affordable, there is a chance you could arrange a competitive loan with poor credit and with no guarantor required. 

During the application you will be asked for a variety of details, so it can be useful to have this information to hand. In general, the lender will be looking to see that you have a regular income, hold a UK bank account with a debit card and are a UK resident. 

Can I get a loan without a credit check?

Although it is possible to apply without impacting your credit score, your loan will not be approved unless a credit check is completed. The application form on our site takes just two minutes to complete and we also have an innovative QuickCheck tool, which will indicate your chances or being accepted for a loan in just 60 seconds. The tool will ask a variety of questions to gain an understanding of your financial situation and only a soft check is carried out on your credit report, so there is no footprint left on your file.

If a lender indicates a strong chance of approval you will be redirected to their website, where you will be asked to complete a final application form. Each of the lenders we partner with is regulated and authorised by the Financial Conduct Authority, so legally they will be required to complete a credit check. This is a hard check and will leave a mark on your credit file.

However, by applying through our broker services you will only be making a single application to the lender most likely to approve your no guarantor loan. If you applied to multiple lenders directly, you would not know whether they are likely to approve you and you could end up with multiple marks on your credit report from the numerous applications. This can negatively impact your credit score and could make it more difficult to find a loan. 

Broker vs Lender

Here at Cash Flex we are a loan broker rather than a direct lender, this means we have access to a variety of lenders specialise in many types of loans. Instead of making multiple applications to lenders in the hope of being approved, we search up to 40 lenders and match you to a lender which is likely to approve your loan. Even if you have struggled in the past with your credit history, thanks to our large network of lenders we may still be able to find a competitive no guarantor loan.

Many borrowers think that it is quicker to approach the lender directly, however we have made the whole process as quick as possible, with our 60 second QuickCheck tool and 2-minute application form. Our service is completely free of charge to you and you will be under no-obligation to continue with the application. If you are approved for a loan the lender could send the funds to your bank account in as little as 15 minutes*, although the final availability of the funds will depend on individual banks processing times.

Are you struggling with your finances?

If you are struggling with your finances and are finding it difficult to manage your regular payments, it is important to fully consider the impact of taking out a no guarantor loan. If you would like free, impartial financial advice there are several organisations which can help, including The Money Advice Service, Step Change, PayPal, National Debtline, the Debt Advice Foundation and Citizens Advice.

What will I need to get a short term loan?
Can I get a short term loan?

Over 18

You'll need proof that you are over 18.

Bank Account

Hold a valid UK bank account.

Income

Have evidence of a regular income and UK residency.

Try our FastCheck tool with no impact to your credit score

Our new tool allows you to calculate your chance of being accepted for a loan.

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Representative Example: Amount of credit: £1200 for 18 months at £90.46 per month. Total amount repayable of £1628.28. Interest: £428.28. Interest rate: 49.9% pa (variable). 49.9% APR Representative.

We’re a fully regulated and authorised credit broker and not a lender.