“Loans for bad credit no guarantor” is a widely searched term over the internet though is far too broad. What really matters is you’re financial situation and how the lenders perceive it. The only way to know if you’ll be capable of getting a loan for bad credit with no guarantor is apply and see what they come up with!
If you can’t find someone that is willing to act as a guarantor for your loan, don’t fret as you still have a chance to secure a no guarantor loan from a direct lender whatever your credit situation may be. Please bear in mind though, that taking out a loan that isn’t backed up by a guarantor will probably have less favourable terms and conditions than a guarantor loan. These terms and also the interest rate of the loan will be affected by your own financial standing at the present time and also your credit rating. People with higher credit scores and no past debt issues will more than likely get a better rate of interest than those with bad credit though the only way really to know the cost of payday loans is apply!
Direct lenders of no guarantor loans will take all things into consideration, so if your information shoes that your current economic situation far outweighs your previous problems, you could still get offered a reasonable deal.
Where can I get no guarantor loans with bad credit short term?
Most payday loan direct lenders will consider applications from people with no guarantor and bad credit. This is because of the way they look at applications. While someone deciding upon a bank loan may heavily scrutinise your past transactions and lending, the success of an application for a no guarantee loan weighs more on how well your present finances look to a lender where short term loans are concerned. If they are satisfied that you will not run into trouble repaying a loan, there is every chance that they may grant you one. Having bad credit is no longer the life sentence it once was, and if you can show that you have turned a corner when it comes to managing money, and are back on your feet, there is no reason why a lender wouldn’t consider your application valid.
Will I be accepted for a no guarantor loan quickly?
Your chances of being accepted for a loan without guarantor will rest on your ability to prove that your finances are in order, that you have no outstanding loans, and that you meet the following criteria:
- Be at least 18 years old.
- You are a full time resident of the United Kingdom.
- Show proof of income.
- You currently hold a bank account
Meeting these criteria means that your application will be taken seriously by direct lenders but it does not mean it is a guaranteed loan. Your information will still have to be looked over by the lenders before they make their decisions and so instant loans are unlikely but it could still be quick.
To improve your chances of being accepted you could find someone to help you and apply for a lower interest guarantor loan instead. These are usually dealt with more efficiently than loans without a guarantor, and with better terms and conditions.
No guarantor available? Another way to increase the likelihood of success is to apply to multiple lenders at the same time.
To get help doing this, simply fill in our online form and we will assist in finding the right lenders for you, obligation free.
I’ve heard that you can get unsecured short term loans with bad credit. Is this true?
Yes, short term loans for bad credit are available from direct lenders. In fact, a large percentage of short term loans are taken out by people with bad credit when they are turned down by their banks. Bad credit loans have seen an explosion in their popularity in recent years thanks to their quick turnaround time, and high acceptance rate. The high acceptance rate is possible because each direct lender considers how you are currently handling your money, bills and expenses, and how likely it would be that you could make the loan repayments without running into trouble financially.
A poor credit rating and history is not ideal and with no guarantor, you are likely looking at paying higher interest rates because of the added risk to the lender. If you are still interested in finding the best short term no guarantor loans, drop us your information and we will set about brokering an affordable deal for you. Below is an idea of what the best loans available to you may cost.
Compare the best loans for bad credit no guarantor
Length borrowed for
Monthly APR example Representative 1266%
Are credit checks performed for no guarantor payday loans?
The agreement that lenders have with the Financial Conduct Agency requires them by law to perform a credit check on you when you apply for a loan. Anyone offering you a payday loan no credit check is probably a loan shark operating illegally. Stepchange.org have kindly offered some great advice on how to handle loan sharks. Either that or it is an advertising ploy and a closer look will probably lead you to some small print where it clarifies, that in fact, a credit check will be performed.
It is worth noting that just because a credit check is done on someone with a poor credit history, it doesn’t mean that they will be turned down, or that it will further damage their credit score. Lenders who specialise in no guarantor loans are used to dealing with people with bad credit and they have their ways of looking at how viable it is to lend you money. To be honest, you can never know what a lenders answer will be and you might be pleasantly surprised, so why not let us do the leg work for you by supplying us with your details and loan request?
How long does it take to get a no guarantor loan?
The time it takes to get a no guarantor loan depends on a few factors. First and foremost is your financial situation and the information you provide us. You have to make sure that all the details are accurate and are backed up by any relevant documentation such as proof of income it can be a fast loan. Also, the better you credit rating, the faster your loan application will be dealt with because the checks that are needed to ensure responsible lending are completed easier.
Then you have to take into account that each lender will deal with things slightly differently so you may get an answer from one much faster than another. After you have been offered a loan and you agree to it, the funds should be forwarded to you immediately or at very least in the same day.
My debt problems are getting out of hand, who can I turn to for help?
While for some people, a payday loan can help them get on top of a short term money issue, it is not always the best option.
If you have miscalculated your finances and are now finding it hard to keep up with repayments, you need to act fast before it spirals out of control. Getting help from professionals like the citizen’s advice bureau or stepchange.org can really do a lot of good and they can point you in the right direction when it comes to handling your debt situation. There is also the government website that sets out some constructive ways to pay off your debt.
Whatever you choose to do, it is imperative that you don’t choose to ignore it and hope it will go away. It won’t, and you could find yourself with a mountain of interest piling up in front of you. There is help and advice out there for people who seek it, you just have to be proactive and honest about your debt issues.