A no guarantor loan allows you to borrow money directly with the lender as there is no other guarantor or person required to co-sign your loan agreement.
For those with bad or zero credit scores, the lender may ask you to find a guarantor to guarantee your loan agreement. They would agree to cover the cost if you cannot. This gives extra security to your loan application and helps some customers get the loan they need.
With no guarantor loans, you are able to apply for a loan and get accepted based on your own individual circumstances. You do not need another person to help you get approved.
Why Would I Apply for No Guarantor Loans?
At Badger Loans, we work with a panel of up to 30 non guarantor lenders. This helps you get the finance you need without a guarantor involved. Customers can apply to borrow up to £25,000. This can be repaid from 1 to 60 months with the option to repay early at any time.
For many borrowers in the UK, they do not want to ask another person they know to be their guarantor. Some feel a bit uncomfortable asking a family member or friend to guarntee their loan agreement. Rather than face rejection or a potentially awkward situation, they would rather simply apply for a no guarantor loan directly with the lender.
That way, they are not putting any pressure on someone else to guarantee their loan agreement. It also means they won’t have the potential embarrassment that they may have to make repayments on their behalf one day in the future.
Also, you can typically access funds quicker if you apply for a loan with no guarantor. This is because it is one less person’s details to verify. Instead, your individual application can be processed faster and can be approved within minutes and funded on the same day.
What is the Criteria?
- Over 18 years of age
- Living in the UK full-time
- Employed and earning a stable income
- Can afford to make repayments
- No recent defaults or CCJs
- Valid UK bank account, email address and mobile phone
How Can I Get a Loan Without a Guarantor?
To access a loan without a guarantor, you will typically need to meet the lender’s criteria. This will usually involve having a regular income that you receive from work, have a UK bank account and be over 18 years of age.
Some UK lenders will require a minimum credit score to be eligible for a loan and they would prefer if you did not have any recent defaults, CCJs or a number of other loans outstanding.
If you have a poor credit score and are looking for a bad credit loan, you may be asked by the lender to provide some form of security. This may mean using some kind of asset to strengthen your loan application. Known as ‘secured loans,’ this could involve using a property you own as collateral. This can be a low cost way to borrow as asset security means lower interest rates due to less risk to the lender. However, you could risk losing your asset if you do not meet your repayments on time.
Why Apply with Badger Loans?
Badger Loans offers an effective way to boost your chances of approval. We work with up to 30 UK lenders who are registered and authorised by the FCA. Firstly, our innovative lending platform will match your loan requirements with the lender mostly likely to approve you and secondly, it will look for the lender who will charge the least interest over the course of the loan.
Applying for a no guarantor loan takes less than 5 minutes and the entire application is online from start to finish. You will be required to enter a few basic details including your name, address, employment, income, expenses and bank details.
You will receive an almost instant decision on the screen. Subject to further checks, you can usually receive funds on the same day. If all criteria are met you could be funded within 1 hour of approval. Depending on the lender, you may be required to show proof of income using a payslip or bank statement.
There are no fees for applying and we will not pass on your information to any other companies without your permission. Badger Loans is pleased to offer a safe and secure way to apply for a loan, helping you access affordable finance today. To get started, simply click on the ‘apply now’ button provided.
