Do you want to apply for a loan but struggle to find a guarantor to back your application? LoanEvents can help you by offering the most suited financing support with no guarantor loans option .
With these loans, you can borrow from £1000 to £10000 for the repayment period from 12 months to 60 months. These loans are advantageous during financial emergencies when you require money instantly. There will be no wait for searching out an individual to take your guarantee. Instead, you straightway apply your financial strength and repayment capacity.
People with poor credit scores can find these loans beneficial to their loan chances. These are technically correct loans for them because the approval chances remain on the positive side due to the affordability factor.
If you want to understand no guarantor loans, you should know the guarantor loan before it. Guarantor loans are the financial product where the primary borrower and another person who acts as a loan guarantor sign loans. The guarantor can be your family member or friend, but the person must agree to repay the loan if the primary borrower defaults between the loan term.
On the other hand, loans generally where no guarantor is needed are called no guarantor loans. Many loans are available with no guarantor facility, and most are specialised for those with bad credit scores. They do not have a guarantor to support them when borrowing funds.
Involving a guarantor is good in terms of higher loan chances. Still, no guarantor loans for bad credit people are also productive, especially in improving credit scores, as you repay the loan on your capacity.
You may opt for no guarantor loans for bad credit when you cannot find a suitable guarantor to help them while availing of a loan. Generally, no one likes to be a guarantor of an individual with past credit issues. Due to a lack of trust, you may find trouble getting funds at a crucial time.
Before submitting the application for loans for bad credit with no guarantor facility from a direct lender, you need to consider these essential things:
Once you answer them, you can continue applying for loans without a guarantor. You may need these loans in these circumstances:
Inability to find a person with a good credit score: Lenders want a guarantor with an excellent or good credit score, a stable monthly income to afford the repayments and a homeowner. However, finding someone with these qualities is challenging, so we have removed the guarantor compulsion.
Need funds in quick time: Another reason to choose these small loans is to save time and get funds instantly. It is the primary reason why many people want to get loans with no credit check and no guarantor. Getting a loan without a credit check is impossible, but getting one with no guarantor is practical.
Improve credit score: You may feel bad for not finding a person to be your loan guarantor. Still, you should be optimistic about obtaining funds through loans with no guarantor. You will make the loan repayments on your affordability, and thus, you have a better chance of improving your credit score.
If you have found a reason to apply for a no-guarantor loan, start applying now.
Know each and everything about a loan product before finalising the loan application. Here we have summarised some queries that you may want answers to them.
Can I get loans without a guarantor from a lender?
Yes, you can obtain urgent funding by applying for a loan without a guarantor from a direct lender. It is unnecessary to have good credit only, as people with poor credit scores can also qualify. While approving these loans, the lender considers the strength of your monthly income to afford the loan repayments. If you prove your affordability, loan acceptance will be there. However, some lenders like LoansEvents can accept part-time earnings, but the loan amount may vary.
People with very bad credit scores can also avail of the facility of no guarantor.
What is the eligibility for a non-guarantor loan?
To qualify for non-guarantor loans, you need to fulfil these requirements:
Age: It is the primary condition where the lender can approve loan applications of those between the age group of 18 - 70 years.
Residency: You should be permanently living in the UK. It does not matter if you are a homeowner or living on rent.
Bank Account: Your bank account details may be required to transfer the loan amount.
Monthly Income: You should earn at least £700 per month with your full-time or part-time income of £400.
How does a no guarantor loan work?
LoansEvents accepts only online loan applications because it is the perfect way to allow instant funding to aspirants. Here are the steps to follow:-
Step 01: Decide the loan amount and term
Based on your affordability, you should finalise the loan term and amount you think is manageable from your income.
Step 02: Apply online
Once you decide on the term, complete an application form online and submit it. It requires only a few details to mention.
Step 03: Get a loan quote
After doing a soft credit check, we instantly send a loan quote matching your needs. You can approve it or discuss with us if any changes are required.
Step 04: Receive loan approval and the amount
We do not take time to decide on your loan application. We release the required money to your bank account on the same day.
What loans do not require a guarantor?
We provide no guarantor loan facility on many of our loan products. Some of them are mentioned below:
Payday loans: These are like cash advances where no secondary borrower is required. You borrow the lump sum and repay it along with interest rates on your next salary day. Therefore, these are income-based loans and thus eliminating the need of a guarantor.
Loans for the unemployed: Like people with bad credit scores, unemployed people struggle to arrange a guarantor. They cannot spend much time finding a person as their guarantor. Instead, they get approval on their part-time income or their benefits.
Bridging loan: You can continue with your property purchase, and our bridging loan with no guarantor will fill the funding gap. Since these are secured loans through your property, you do not need a guarantor. Interest rates will still be affordable to you.
Can you get loans with no credit check or guarantor?
A credit check is a mandatory process helping lenders to know the financial capacity or affordability of the loan applicants. It allows them to grant funds, which they can repay from their monthly earning. The term ‘no credit check’ is more related to a soft credit check as it does not put down any search footprint to your overall credit file.
You can get loans with no hard credit check and no guarantor, but on these conditions:
What is a no guarantor loan with no broker?
Loans with no guarantor and no broker are those loans which are available from a direct lender. It means the communication between a lender and a borrower will be direct without ‘third-party’ involvement. These will be the short-term loans where a small amount is needed. Such loans are incredibly crucial for those with bad credit scores. However, lenders may ask for loan security to minimise the risk involved.
Approaching a broker will take time to determine the loan deals for you. Besides, you may have to pay a broker’s fee as well. Therefore, loans without guarantors and brokers are good options for getting immediate funding.
Can you get a loan for very bad credit with no guarantor?
Some loan providers, particularly mainstream lenders, usually hesitate to bear the risk of funding those with very poor credit issues. These individuals face issues like County Court Judgement (CCJ). LoansEvents, on the other hand, is willing to take that risk by accepting applications for loans for very bad credit with no guarantor needed.
The interest rates may be slightly higher, but affordable loan deals are definitely in your favour. You can lower the interest rate by keeping security against the loan amount.
Why LoansEvents for no guarantor loans?
We are the responsible provider of loans available with no guarantor. Our primary objective is to make lending convenient and within the reach of individuals with bad credit scores. We provide no guarantor loans with the following features: