Compare No Guarantor Bad Credit Loans
Lifestyle Loans - Personal Loan
- Borrow £1,000 - £7,500 over 1-5 years
- Representative APR 49.9%
- Must have a minimum income of £1500 per month
- No CCJs & defaults in the last 12 months
Norton Finance Personal Loan - For homeowners only
£3,000 to £25,000
Min / Max Terms
1 to 25 years
- Must be aged 18 to 80
- Must be a homeowner
- Must have a minimum income of £7,500 per year from employment, pension or benefits
- Loan Type
If you are thinking of consolidating existing borrowing you should be aware that you may be extending the terms of the debt and increasing the total amount you repay.
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No-Guarantor Bad Credit Loans FAQ
What is a no-guarantor credit loan for those with bad credit?
A borrower with poor credit may seek a loan that doesn’t require a guarantor from an increasing number of lenders. These lenders however, may still reject applications for loans from certain borrowers due to the high risks involved. Loans of this kind usually charge higher rates of interest than those offered to individuals with higher credit worthiness or a guarantor.
Can I get a no-guarantor loan if I have bad credit?
To be deemed eligible for a no-guarantor loan with bad credit, you must be at least 18 years of age, and have a regular means of income, in order to finance any repayment.
Due to the elevated risk of applying for a no-guarantor loan while having bad credit, you should be certain you need the loan to begin with, in case you get rejected and this is recorded on your credit history. Ultimately, the responsibility for repayment falls on the individual taking out the loan, rather than an individual put forward as a guarantor to help repay the debt, in the event that the primary borrower cannot.
What’s significant about having a no-guarantor loan?
You don’t have to request someone you know to become the guarantor. However, this can come with higher costs. Bad credit will typically also result in higher interest rates.
How will my bad credit rating matter?
Lenders may be willing to offer no-guarantor loans despite someone having poor credit. If you manage to make the payments as agreed, a no-guarantor loan taken out despite having poor credit could go towards improving your overall credit history.
You should ensure you’re able to make payments as agreed with your lender, as failure to repay may incur greater costs and damage your credit rating further. Lack of a guarantor will make you directly responsible for ensuring the loan is paid on time.
Can I get a no-guarantor loan while having poor credit if I am unemployed?
Having a steady source of income increases the likelihood of being granted a loan in general and so being unemployed may lead some lenders to reject your application. However, other lenders may still grant you a loan, despite your current employment status as there are other forms of income that will be considered. What most lenders will want to know is whether you have sufficient cash flow to pay the loan back. It is good to fully understand your financial situation before making any kind of agreement over a loan, in order to work out if you can afford the loan to begin with.
What should I do if I miss payments with a no-guarantor loan while I have poor credit?
Taking out a no-guarantor loan may offer greater financial independence, but it also takes away the safety net that a guarantor can offer, through their ability to help provide payment in your place. Failing to repay will have a negative impact on your credit score and lessen the likelihood of gaining access to credit in the future. If you are struggling with personal finances and debts, there are a wide range of organisations that can offer free, impartial advice such as the Money Advice Service.