A no guarantor loan is a typical personal loan where one borrows money without involving any third person. In other words, you do not need a guarantor while applying for a loan. Instead, you will apply on your repayment capacity.
These are generally short-term loans where you can qualify to borrow only a small amount and for a smaller period. Adding the guarantor may have some benefits. It is not always possible to have a homeowner or a person with a good credit rating as your guarantor. These small loans help fetch the desired amount on time in such circumstances.
You may find no guarantor loans from direct lenders and the mainstream lending institutions. Applying to the latter may be worth it, but getting funds quickly may not be possible. On the other hand, approaching a responsible direct lender in the UK creates an opportunity to receive loans with same-day approval.
Figuralloans works hard to ensure everyone has the most affordable loan deals. You can quickly get loans here without burdening your household budget, as we are committed to easy monthly installment loans with no guarantor needed.
Different loan options are offered in the marketplace. Therefore, you may need clarification on which one to choose. Loans with no guarantor are quite prevalent. At the same time, plenty of lenders offer guarantor loans, too.
Both are different concepts. In the simplest of words, a non-guarantor loan is one in which you do not need the help of a third person to get the loan approval. In contrast, a guarantor loan makes having a guarantor mandatory. If you want your loan to get the lender's approval, you must have a person to take your loan guarantee.
In such loans, the guarantor must be a homeowner with a good credit rating. There are considerable differences between these two loan products, which our loan experts have explained here.
| Non-Guarantor Loans | Guarantor Loans |
| These are small loans available for a small borrowing amount. | These loans belong to long-term funding because guarantor is there to back you. |
| You do not approach someone to become your guarantor. You have to believe in your capacity. | Lenders will consider your and the guarantor's repayment capacity when approving the loan. |
| With no guarantor, the maximum loan amount limit may exceed £10,000. | You can borrow a considerable amount that exceeds £25,000 or more. |
| The repayment term will remain between 12 and 60 months. | You can repay the borrowed amount for up to 84 months or sometimes up to 10 years. |
| You will get quick loans with no guarantor because the lender only needs to consider your personal details. | These long-term loans may take time to get approved, as the lender has to examine both the guarantor and your personal details. |
You may ask yourself: Why should you apply for loans without a guarantor from a direct lender? It is indeed a valid question, but there has to be something special about direct lender loans over traditional ones.
We cannot say on behalf of other lenders, but we are 100% committed to providing you with the best loan features. Do you want to know those features? Of course, you will, so here they are:-
Fast loan process: Your search for fast loans with no guarantor obligation will end here. Yes, we accept only online loan applications. Our loan representatives instantly work on them. Delaying the loan process is outside our working pattern.
No paperwork: Our loans are fast-processed without a documentation feature. We do not ask for many papers to submit while applying for loans. You only have to share the last six months' income statements, and no other details are needed.
Instant loan decision: We have a team of loan experts who know how to handle multiple loan applications daily. They are steadfast about considering no guarantor loans on instant decision. Most of the time, they take loan decision in a few minutes.
Affordable loans only: Affordability is vital to keeping the loan within your repayment capacity. You do not need to put extra effort into it, as we offer only affordable loans. We first analyse your monthly income and repayment capacity to provide you with loan approval.
Flexible loan terms: When everything is fixed, it may not suit everyone’s financial capability. Therefore, a lender should be flexible enough to meet the loan requirements of each aspirant. Consequently, you will find our loan terms are based on individual circumstances.
Some standard loan options, like personal loans, apply to any credit score. Still, some specific lending sources are suited to particular credit score ranges. Among them are no guarantor loans for bad credit. These loans are more suitable for individuals with less-than-perfect credit scores.
Indeed, they have particularly bad credit loan options, but these loans are also most suited to them only. It does not indicate that only those with low credit profiles can apply for such loans. Everyone can qualify, but given a bad credit situation, a no-guarantor loan is highly beneficial.
The primary reason is that people with bad credit scores often fail to convince others to be their loan guarantors. Due to this, the traditional lenders hesitate to offer them loans. In such a situation, you should seek the help of a direct lender like us.
Figuralloans gives you multiple reasons proving the importance of no guarantor loans for poor credit situations. Some of them are mentioned below:-
It is confirmed that applying for no guarantor loans with bad credit is useful. It gets proper support from the benefits that direct lenders bring with these loans. We are among a few lending firms in the UK, offering specialised loans for those with poor credit histories.
Below are a few benefits that you get with these loans:-
Funding for non-homeowners
Our lending doors are open to everyone, including non-homeowners. These individuals often struggle with no collateral or guarantor's support when they want a loan. They can come to us, and we will provide an assured financial solution for them.
Chances of guaranteed approval
Every lender cannot promise guaranteed approval, but we will try it. If your recent finances are in good condition and no debts are against your name, chances are always there of no guarantor loans on guaranteed approval despite bad credit. You only have to approach a direct lender.
Loans on benefits
We can offer no-guarantor loans on benefits. This means we are ready to accept the benefits you are receiving while approving your loan application. These benefits can include unemployment, disability, and others.
No extra fees to pay
Another benefit of working with us is that you don't have to pay extra fees. Yes, it is the most significant relief to get no guarantor loans with bad credit and no fees. The condition is to approach a direct lender only in the UK. We keep everything transparent and clear to you.
Loans for multiple uses
Your poor credit score already restricts you. Therefore, you are unrestricted here for your loan purposes. Use these loans for any of your financial purposes. In fact, you can also explore the borrowed sum to manage your business expenses.
Credit checks have been a vital part of the loan process. Every lender has been directed not to offer a loan without checking the applicant's credit history. As the responsible loan provider in the UK, we also examine the individual credit history before assigning any loan product.
You may wish to expect no-guarantor loans with no credit check. Still, we are entitled to check your credit record. Stay calm, as we do only a soft credit check, which prevents any impact on your overall credit record.
At the same time, it does not mean that doors are closed to get loans with no credit check. There are some specific conditions. If you come equal to them, we may skip the credit check.
If you find yourself in any of these conditions, there are possibilities of loans without a guarantor and credit perusal.
Coming to us with an aspiration of getting a loan will benefit you. For example, you will gain a chance to choose any of the loan products available with no guarantor clause. You must be excited to know that because you may not find such facilities with any direct lending path.
Here are the varieties of products that come under no guarantor loans with bad credit:
These are the most applied loans due to their easy availability. Moreover, you repay these payday loans with no guarantor involvement on your next salary day.
We are ready to offer you unsecured loans with no guarantor compulsion. However, you must earn a full-time income, and your credit score should be fair.
Small debts can disturb the whole balance of your financial life. Time is to rectify them in one go with the help of debt consolidation loans with no guarantor.
Our lending doors are open for everyone, and we welcome those with no job right now. Yes, apply online for our unemployed loans with no guarantor required.
If you have decided to get no guarantor loans from a direct lender like us, then be ready to explore multiple advantages coming to your favour. The most significant of them is obvious that you are getting almost 100% loan acceptance despite bad credit scores.
You will have to follow what we presented earlier in the loan quote. You should not worry about any hidden charges. This will continue until the last loan instalment.
With our online facility, you can get our loans anytime and anywhere in the UK. If you apply early, more chances are there of same-day approval.
You do not need any third person to get the loans. With our direct lending facilities, you get another benefit of loans with no guarantor or broker.
Are no guarantor loans secured or unsecured?
How do I get no guarantor loans with guaranteed approval?
Are no guarantor loans from direct lenders available for very bad credit?
What are the risks associated with non-guarantor loans?
How much do loans with no guarantor and no credit check cost?