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1Accurate as of October 2024
A no-guarantor loan in the UK is a personal loan that doesn’t require a friend or family member with a better credit rating to act as a guarantor. This is where someone agrees to take on the debt in the event you can’t pay.
Typically, you’ll need a good credit rating – or a significant asset, such as your home or car to put up as security – to be accepted for these types of loans on standard terms and interest rates.
Many people use loans to pay for important life events and essential big-ticket expenses such as home improvements, a wedding or financing a car purchase, but before you apply for a loan, ask yourself:
Do I need it? If you’re using the loan to pay for something that’s not urgent, such as an expensive gift, then maybe consider if a loan is necessary
Can I afford the repayments? You must pay back your loan, which will be the loan amount plus the interest rate. You can use our loan calculator to get a rough idea of how much the loan will cost you.
Will I keep up with the repayments? If you’re unable to keep up or make late repayments, you’ll damage your credit score which will make it harder to borrow in the future
At the time of writing (October 2024), the Bank of England base rate still stands at 5%, after the MPC opted to leave it unchanged on 19th September. That means rates are still significantly higher than they were just a few years ago.
Higher interest rates make it more expensive to borrow but shopping around, considering specialist lenders, and improving your credit rating can all make the final loan rate cheaper.
Avoid borrowing money without thinking carefully whether you need it, and whether the cost of the loan is worth what you’re taking it out for.
For example, it’s probably not a good idea to take a loan out for everyday purchases – a credit card might be more suitable.
Work out how much you can afford to borrow and pay back before applying for a loan. This way you can look for loans in your borrowing range, giving yourself the best chance of being accepted as well as ensuring you don’t take on a financial commitment that you can’t afford – try our loan calculator for guidance.
If you're on a variable rate deal, repayments can change whenever the lender decides to change it – often lenders will use the Bank of England base rate as a guideline. While this means that your repayments could be less if the base rate falls, they could also go up if the rate rises, so consider if interest rate fluctuations are worth the risk before taking out a variable rate loan.
Loan sharks should always be avoided – they’re illegal, not regulated by any financial organisations, and they generally charge massively high interest rates. What’s more, if you aren’t able to repay them you may be pressured into borrowing even more money, which could lead to a spiral of debt.
Payday loans may be legitimate, but they can come with incredibly high interest rates sometimes reaching over 1000% - which could make even a small loan turn into a debt spiral. Learn more with our guide to payday loans.
Every application you make, just like credit applications, leaves a mark on your credit report.
Too many of these will give lenders the impression that you are desperate to take out a loan, which could imply that you’re struggling to manage your finances – as a result, lenders may be more reluctant to let you borrow from them in the future.
Use our eligibility checker to run a soft search and find lenders with a higher chance of acceptance, including preapproved.
As part of the loan application process, potential lenders will perform a credit check. Bad credit doesn’t mean you won’t be able to get a loan, however, it will make it harder to be approved and you may end up with a worse rate.
If you can, consult your credit report and take short-term steps to boost your credit score like registering to vote or addressing errors on your credit file.
If you're borrowing smaller amounts of money and can't dip into your savings, you might be better off with a credit card or an arranged overdraft.
To clear credit card balances, consider a balance transfer credit card.
To make a large purchase, consider a 0% interest credit card.
To clear an unarranged overdraft, consider a money transfer credit card.
To tide you over til next month, consider an arranged overdraft with your current account provider, or switch to an account with overdraft facilities.
You can use a loan for a range of purposes, including:
Found your dream car but don’t have the savings to buy it outright? A loan can help you enjoy your new wheels by spreading the cost of the car into manageable repayments.
Looking to make renovations to your house? From a new kitchen to a new bathroom, a home improvement loan can help fund the cost of home improvements.
A bridging loan can help you to buy a new property before you sell your current home, by ‘bridging’ the gap between sale and completion.
Finding one low interest rate loan for all your debts can bring the ease of having just one payment to deal with instead of different cards and loans on the go (where it may be easy to lose track and miss payments!).
Whether your holiday is abroad or in the UK, a holiday loan can help towards the cost of your next adventure if you don’t have the savings to help out.
While a wedding may be the best day of your life, it can also be an expensive one! A wedding loan can help manage the cost of your big day and minimise money worries.
If you have a low credit score it can be difficult to get a loan without a guarantor. This is because lenders will see you as more risky and more likely to default on your debt. But there could be options available. For example:
Loans for bad credit can be an option for those who have struggled with debt in the past and have a low credit rating. Your choice is likely to be limited as there are fewer providers and the interest rates will be high.
Secured loans require you to put up a valuable asset – usually your home or car – as security to get the loan. Interest rates could be lower, but if you fail to make the repayments the lender could seize your asset.
Getting a loan without a guarantor can be a good way to pay for an emergency purchase or consolidate more expensive credit card debts. But there are pros and cons, so think carefully before you apply. These include:
Don't have to involve another person in the loan and risk them having to pay your debt
A wider choice of loan products
More competitive interest rates (APR)
Without a guarantor you could lower your chance of acceptance for a loan
You’ll be liable for the debt if you can’t repay. If you have a secured loan this could mean your home or car could be repossessed
Interest rates are likely to be higher with less choice of loans if you have poor credit
It’s easy to compare loans with MoneySuperMarket and you’ll know your chance of being approved when you apply.
We’ll show you all the key information upfront so you can choose the best deal for you. Once you’ve decided, you can click through to the loan provider and apply in minutes
We only show deals you’re likely to be accepted for so you’re less likely to be rejected
We have a wide range of leading lenders for you to compare loans from. When searching with us, you can order loans by likelihood of you being accepted to ease any fears of rejection.
There are a number of things you can do to boost your chance of being approved for a loan without a guarantor:
Get hold of your credit file and score. Our free credit monitor service gives you both – plus hints and valuable tips on what you’re doing well and how to improve your credit rating.
Check for any mistakes on your credit file – errors can impact your ability to get a loan. If something is incorrect on your credit report contact the credit provider or credit reference agency.
If you’ve got a low credit score there are lots of things you can do – some of them quick and simple – to boost your rating. Our helpful guide can tell you more about improving your score.
While a guarantor loan is sometimes your only option, it does mean you’re getting someone else involved and they will be liable for your debt if you can’t repay it. If things go wrong this can become a complicated situation, especially if their house or another asset is on the line. That’s why taking out a no guarantor loan is usually the best option for everyone, if you’re able to find one at an affordable price.
MoneySuperMarket has won the Feefo Platinum Trusted Service Award, an independent seal of excellence, which recognises businesses that consistently deliver a world-class customer experience.
We’re here to help you find the right no guarantor loan for your needs, so we’ll tell you which deals you’re most likely to get.
Tell us a little about yourself, your finances and the loan you want.
We’ll search through loans from a wide range of lenders on the market.
You’ll be able to sort loans by the overall cost and the likelihood you’ll be accepted.
If you’re taking out a loan without a guarantor there will be the option to have an unsecured or secured loan. Unsecured loans, often referred to as personal loans, do not require you to put an asset up as security. Generally, this means you’ll need a fair to excellent credit score to be accepted for a loan.
With a secured loan you’ll have to put down a valuable asset you own – usually your home – as security. This is why secured loans are sometimes referred to as homeowner loans. It can mean you can get a loan with a less than perfect credit history and score. But it means if you fall into arrears on the loan the lender could seize your asset, so your home is at risk.
Most loans will allow you to repay early – but often there will be early repayment charges and these can be high. If you think you may be able to clear the debt before the end of the loan term, check the terms and conditions at the outset to avoid any nasty surprises later.
No, a payday loan is just a type of short-term loan. Payday loans are usually unsecured and typically for a small value – such as £50 or £100, and usually taken out for around 30 days. They are often accessible for people with a poor credit rating – but the interest rates can be extremely high.
If you have bad credit and a low credit score, the interest rates you’re likely to be offered will typically be higher on a loan without a guarantor, compared to a guarantor loan. That’s why if you’re struggling to find a loan, taking a guarantor loan can make it more accessible and affordable.
It is likely to be difficult to get a personal loan with a competitive interest rate if you’ve got bad credit. Specialist lenders are available offering loans to those with a less than perfect credit history and a low rating. The interest rates will be much higher than those on standard loans and the loan amounts are likely to be lower.
If you apply for your loan online the process can be very quick. In some cases the lender may want to do some extra checks on you before agreeing to the loan. But once you’ve been accepted the funds should be in your account within days. In some cases the money could arrive the next day.
It’s unlikely that you’ll be able to get a personal loan without a credit check. All regulated lenders will want to have the confidence you can repay the loan before approving any application, and a credit check is a key part of this.
How much you’ll be able to borrow without a guarantor will depend on your personal financial situation, including how much you earn, your outgoings, your credit score and the lender’s own criteria. The better your credit rating and the higher your affordability, the more likely you are to get a loan.
You work hard to earn your money, and we don’t think you should waste a penny of it paying over the odds on your household bills. That’s why at MoneySuperMarket, we’re on a mission to save Britain money.
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