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No Guarantor Loans

Borrow from £5,000 to £75,000.

Varying loan length limits from 12 months.

Simple, clear application process to help you find the right way to manage your existing guarantor or no-guarantor debt.

Regain control of your finances, take out a loan and make one simple monthly payment.

An advisor and a customer looking at Guarantor Loans.

What is a No Guarantor Loan?

A no guarantor loan is a type of personal loan where you don’t need a guarantor to co-sign the loan agreement. This means you are solely responsible for repaying the loan. These loans are often sought by individuals with a fair to strong credit rating who don’t need a guarantor, or those with a poor credit history who may struggle to find a willing guarantor.

No guarantor loans can be secured on an asset such as your property, or can be unsecured, meaning they don’t require any collateral. The lender assesses your creditworthiness based on your credit score and financial situation. While unsecured no guarantor loans can still be accessible for those with bad credit, they may come with higher interest rates due to the increased risk for the lender.

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Who Can Apply for a No Guarantor Loan?

Anyone can apply for a no guarantor loan, but they are particularly useful for people with fair to good credit or those with bad credit who don’t have a guarantor. To apply for a no guarantor loan, you’ll need to meet the lender’s eligibility criteria, which usually includes being over 18, a UK resident, and having a regular income.

However, it’s important to remember that each lender has their own criteria and some may be stricter than others. For example, some lenders may require you to have a minimum income or a certain level of job stability.

Our Expert's Definition of a No Guarantor Loan

Financial Expert Andrew Hagger.

A no guarantor loan is a type of loan that does not require a third-party guarantor to co-sign the loan agreement. In traditional lending, a guarantor acts as a backup to guarantee loan repayment if the borrower defaults. However, a no guarantor loan allows individuals to secure funds without the need for a guarantor, providing more flexibility and convenience. This type of loan can be particularly beneficial for individuals who may not have access to a suitable guarantor or prefer to maintain their financial independence. However, it’s important to note that no guarantor loans often come with higher interest rates or stricter eligibility criteria, as lenders may perceive them as higher-risk. Careful consideration of the terms and affordability is essential before committing to a no guarantor loan to ensure it aligns with your financial needs and circumstances.

— Andrew Hagger, at Consolidation Expert.

The Pros and Cons of No Guarantor Loans

Advantages of No Guarantor Loans

One of the main advantages of no guarantor loans is the convenience. You can apply for these loans without needing to find a guarantor, which can save you time and avoid potentially uncomfortable conversations.

Another advantage is that any loan can help improve your credit score if you make your repayments on time and avoid accruing further debts. This can increase your chances of being accepted for credit in the future.

Disadvantages of No Guarantor Loans

The main disadvantage of no guarantor loans is that for those with bad credit they often come with higher interest rates compared to guarantor loans. This is because the lender is taking on more risk by lending to someone without a guarantor.

Another downside is that if you fail to repay any loan, it can negatively impact your credit score and make it harder for you to obtain credit in the future.

How to Improve Your Chances of Getting a No Guarantor Loan

Improving your credit score is one of the best ways to increase your chances of being approved for a no guarantor loan. You can do this by making sure you make all your repayments on time, not applying for too much credit in a short space of time, and checking your credit report for any errors.

Another way to improve your chances is by showing the lender that you can afford the loan repayments. This could involve showing proof of a regular income or reducing your other financial commitments.

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For A Debt Consolidation Loan Without a Guarantor, Apply With Consolidation Expert Today

No guarantor loans can be a useful option for those with fair to good credit scores or those with bad credit who are unable to find a guarantor. However, it’s important to carefully consider the pros and cons before applying for a no guarantor loan, especially if you already have other debts. If you’re struggling with debt, it may be worth seeking free debt advice to explore all your options.

At Consolidation Expert, we’re here to help you navigate the world of no guarantor loans. If you’re looking for a loan to consolidate your debts, we may be able to help. To find out if you’re eligible, apply with Consolidation Expert today!

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Representative 14.8% APR

We are a broker, not a lender.

Representative Example: Borrowing £15,000 over 60 months, repaying £355.28 per month, total repayable £21,316.57.

Total cost of credit £6,316.57.

Interest rate 14.8% (variable).

The lenders on our panel offer loans for 12-360 months, with rates from 4.7% APR to 42.6% APR.

The Representative Example is based on all loans paid out by lenders between 1st Jan 2022 and 31st Dec 2022.

Non-Guarantor Consolidation Loan FAQs:

A no guarantor loan is a type of loan where the borrower does not need to provide a guarantor to secure the loan. A loan with a guarantor requires a third party to co-sign the loan, agreeing to repay the loan if the borrower fails to do so. Guarantor loans are often unsecured loans, meaning they don’t require any collateral, whereas no guarantor loans can be either secured or unsecured.

Yes, you can still apply for a no guarantor loan if you have bad credit. Here at Consolidation Expert, our panel of lenders can sometimes provide consolidation loans to those with a poor credit history, helping them to rebuild their credit score and regain control of their finances.

There are numerous online resources to compare lenders that offer loans for bad credit with no guarantor. Look for reviews and testimonials from customers to determine the reliability and trustworthiness of a lender. In addition, carefully review loan terms, interest rates, and any additional fees before applying.

When you apply for a loan, the lender may perform a credit check, which could have a temporary impact on your credit score. However, successfully repaying a loan can help improve your credit rating in the long run.

Loan amounts for no guarantor loans may vary depending on the lender, your credit score, and your repayment ability. It’s essential to borrow only what you need and what you can afford to repay to avoid any further impact on your credit score.

Secured no guarantor loans require the borrower to provide collateral, such as property or a vehicle, as security for the loan. Unsecured no guarantor loans do not require any collateral, with the lender relying on your creditworthiness and ability to repay the loan. Unsecured loans typically have higher interest rates compared to secured loans due to the increased risk for the lender.

Interest rates for no guarantor loans tend to be higher for borrowers with bad credit compared to those with good credit. This is because lenders perceive higher risk in lending to individuals with poor credit history, resulting in higher interest rates to compensate for the risk.

Loan terms for no guarantor loans can vary depending on the lender and the type of loan you choose. Terms may range from several months to a few years. It’s important to select a term that suits your financial situation and repayment ability.

Although there are lenders that advertise as offering loans without a credit check, they often still perform a credit check or at least look at your credit in some capacity to evaluate your financial situation. It may be more challenging to find a loan with no credit check, and it’s crucial to ensure the lender is reputable and trustworthy before applying. Here at Consolidation Expert, we will carry out a soft credit check as part of the application process, but our panel of lenders may still be able to offer consolidation loans to those with a poor credit history.

The application and approval process for no guarantor loans can take anywhere from a few minutes to a few hours, depending on the lender and the completeness of your application. If approved, you may receive funds within 24 hours or even on the same day. However, it’s essential to remember that the processing time may vary based on the lender and your specific circumstances.