Loans without guarantor, are they right for me?
No guarantor loans are a specific type of short-term loan designed for people who are unable or do not wish to have a guarantor when they take out a loan. In the past, this was difficult as most direct lenders saw providing a loan without guarantor to someone with bad credit as risky, so having a guarantor was an easy way of securing a short-term loan. Therefore, most direct lenders in the past required a guarantor for all quick loans where bad credit was an issue. This has changed and more and more lenders now provide bad credit loans without a guarantor.
We find no guarantor loans for people in a variety of situations. Whatever your circumstances are, with or without a guarantor, good or bad credit rating, applying with New Horizons gives you the best chance of successfully getting a loan. We always endeavour to find our customers the best deal in the shortest time, and we’re committed to ensuring transparency. You can apply without damaging your credit score, and you will receive an instant decision.
If you have bad credit and are looking to borrow a more substantial amount of money, some companies will insist on a guarantor as extra security for the loan. Not everyone has access to a guarantor, however, so if you have a poor credit score, what are your options? At New Horizons, we have built a large panel of lenders who specialise in providing poor credit loans to customers who can’t or don’t want to add a guarantor. You can apply for up to £5000 loan, and even if you have bad credit, we may still be able to help.
No guarantor loans questions:
Q1 – Loans without a guarantor, will I be approved?
Q2 – What is a no guarantor loan?
Q3 – Can I find a loan for bad credit without the need for a guarantor?
Q4 – Can New Horizons help me if I have bad credit?
Q5 – How much can I apply for without a guarantor
Q6 – Is it more expensive to get a loan with no guarantor?
Q7 – Will I need to pay a fee if I have no guarantor?
Q8 – Can I get a no guarantor loan without a credit check
Q9 – What can I do if I am struggling to repay my debts?
Loans without a guarantor, will I be approved?
Loans without a guarantor were rare and usually featured unfavourable lending terms. Thankfully, this has changed. Many direct lenders have realised that this unfairly prevented some people from getting loans when they needed them. With an increasing number of lenders offering unsecured loans specifically designed for people with no guarantor, the market has become quite competitive; giving you more choice and better repayment terms.
What is a no guarantor loan?
A no guarantor loan means that you are solely responsible for the loan you take out. Whilst this independence is what many applicants are looking for when they seek a loan without guarantor, it also means that it is very important that the short-term loan is repaid in the time and manner agreed with the direct lenders. Because loans with no guarantor mean the lender has no safety net if you do not repay the loan, these loans can feature higher APRs than loans that do require a guarantor. While this is not true for every lender and many now offer very competitive no guarantor loan rates, you must shop around to find the very best lender for your requirements.
Can I find a loan for bad credit without the need for a guarantor?
Many direct lenders offer loans without a guarantor. The easiest way to find out if you qualify for a loan with no guarantor is to complete the application process through New Horizons. You are comparing your circumstances to the criteria of more than fifty lenders, which will maximise your chances of being accepted for a no guarantor loan.
Can New Horizons help me if I have bad credit?
Each lender has their own set of criteria you must meet to be offered a loan. Some of these lenders insist on a guarantor, but many do not. We have several lenders on our panel that specialise in providing loans to people with a poor credit rating. You can apply to see if you have been accepted with no obligation and no trace on your credit report.
How much can I apply for without a guarantor?
You can apply for an amount that falls within the minimum and maximum loan amounts of New Horizons. We offer access to no guarantor loans from £50 to £5000. Whether or not you’ll be accepted will be dependent on you meeting the criteria for the amount you want to borrow. The best way to find out if you qualify for your preferred loan is to fill out an application.
Is it more expensive to get a loan with no guarantor?
A significant factor in determining the APR rate you’ll be charged on your loan is the amount of risk to the lender. Therefore, people with bad credit typically pay a higher interest rate because they pose a greater risk. Having a guarantor provides a lender with an extra layer of security, meaning lending without a guarantor can pose a higher risk, which will be reflected in the interest rate. However, we have lenders that specialise in many different types of loans, and the difference can be negligible. Complete our application form to see what the best deal is for your circumstances.
Will I need to pay a fee if I have no guarantor?
New Horizons never charge a fee for using our service, regardless of your circumstances or credit rating. The lender should make any costs associated with your loan clear upfront. For instance, some lenders don’t charge interest on smaller payday loans. They will agree a fixed fee with you instead. All our lenders are registered with the FCA (Financial Conduct Authority) so will be upfront about any fees or the APR rate if applicable.
Can I get a no guarantor loan without a credit check?
No. You can apply through New Horizons without having a full credit check because lenders initially only perform a soft credit check. This gives enough information to compare your details to our panel of lenders without leaving a mark on your credit report.
However, if you’re eligible and accept a loan offer, all reputable direct lenders are required by the FCA (Financial Conduct Authority) to carry out a full credit check before they release any funds. If a company says they can get you a loan without a credit check, we would advise you to be wary of dealing with them. They may not be registered with the FCA, or they could merely be misleading you.
What can I do if I am struggling to repay my debts?
If you are struggling with your debts and require assistance, you can speak to the companies below, free of charge.