Warning: Late repayments can cause you serious money problems. For help, go to moneyadviceservice.org.uk

No Guarantor Loans


What is a Guarantor Loan?

As the name suggests, no guarantor loans don’t require a second party or guarantor to be on standby to pay for you in the event you can’t make a payment.
Loans without a guarantor can be a good financial solution if you aren’t in a position to ask somebody to help you if you should fall short of money – whether because they’re unable to or because you’d prefer not to ask.
However, some lenders are more likely to accept loan requests if there is a guarantor present, for the simple reason that they can be more confident the money they lend will be repaid.

When it comes to your finances, it’s important to understand all the facts and figures before filling out any applications for credit, and to be sure you’re making the best choice for you when you apply. So, to help you understand the ins and outs of ‘no guarantor loans’, here’s a handy guide. We look into what no guarantor loans are, who they’re best suited to, how they can help and how Sunny can support you.
Eligibility for no guarantor loans

When considering any application for a loan, we examine the applicant’s address, bank details, credit history and employment details to ensure they meet our criteria, and that the loan is affordable for the borrower and their circumstances. You must also be 18 years old a UK resident, and have a regular source of income to be eligible to apply for a no guarantor loan.

How Does a No Guarantor Loan Work?

This loan type works like a typical cash or payday loan, you simply fill in your details and apply and we will confirm whether you have been approved or not. You do not need to provide details of anyone who may support you with your repayments.

When is a No Guarantor Loan a Good Idea?

You could consider a no guarantor loan if you don’t have another person available to help cover your costs in the event an emergency arises, or, once you have a loan, if you find you fall behind on payments.

Can I Get a Loan With Bad Credit and No Guarantor?

Personal loans for bad credit are for people with lower credit scores who need to borrow a larger amount of money at relatively low APR. These loans have a higher interest than a typical personal loan, but can help people get access to money if they cannot borrow from other lenders like banks.

How Can I Improve My Credit Score?

If your credit score is low or you simply haven’t used credit before and so don’t have any credit history, there are a few quick actions you can take that can help improve it. The first fix is to look at your credit score using free tools like Noddle, ClearScore or Experian and check that there are no mistakes listed which could be bringing your score down. If you find any potential mistakes, report them to all three of the above agencies, and the companies who filed them, as soon as possible.

You can also register on the electoral roll if you are not already, as this can give your credit score an immediate boost. Otherwise, borrowing small amounts and paying these back in full and on time will help to prove you are a responsible borrower.

Will My Credit History be Checked If I Apply for a No Guarantor Loan?

Yes, lenders will perform a credit and affordability assessment and consider your application based on what we find there. Your credit score is based on your financial past and is generally used to predict your future behaviour, so companies can determine how likely you are to be able to pay back any money they lend to you. 

If your loan applications keep getting rejected, examining your credit history is a good place to start in understanding why.

More Information On No Guarantor Loans

Loans without a guarantor often mean less paperwork than is often associated with a loan where you do need a guarantor. You also don’t have to find someone to guarantee your loan for you, which simplifies and speeds up the application process.

However, it’s a good idea to be aware that interest rates can be higher for no guarantor loans. This is because they tend to be considered riskier for the lender. It also might be more difficult to get your loan approved alone, especially if you have a poor credit history.

At My Financial Broker our loans do not require a guarantor, no matter how much you apply for, so if your application is approved you could receive your money within 15 minutes. Although we do not ask for a guarantor, all of our lenders aim to assess applications thoroughly and quickly, so they can help ensure your financial security, check that you are eligible to apply and receive one of these loans and can make repayments with ease.