So you’ve searched for a loan where no guarantor is needed. Such loans are certainly available but the banks are extremely particular about who they will lend to – given the economic climate they just don’t want to take risks. They would rather hoard their cash then lend it out if there is any risk. If you are a non homeowner, or if you simply have a credit history with some weaknesses in it then you may struggle to find loans with no guarantor required.
We know you may not want a guarantor loan, but it is an option you might want to consider. If you’re simply fearful that getting a guarantor loan is too much hassle then may be we can convince you that it’s not as tricky as you think. And loans with no guarantor may not be your best option.
Loans with no Guarantor
There are several options to get loans with no guarantor even if you have credit issues – even with these, though, you will have to compromise:
1) Homeowner Loans – sizeable loans where you offer your home as security for the loan. The loan will typically be for £10k to £100k and would be repaid over an extended time. Obviously you need to be a homeowner.
2) Logbook Loans – you use your car (assuming you are the owner and there is no outstanding finance on it) as the security and borrow against it. You’ll only be able to borrow a proportion of the value of the car. You are able to continue driving the car while you repay the loan.
3) Pawn Brokers – you offer anything that you own as security for a cash loan. The lender will only offer you a portion of the asset value as a loan in case the asset changes value while the loan is outstanding. Examples of assets offered as security include cars, jewellery, art, antiques, etc.
With all types of secured loans your asset is ultimately at risk. If you cannot repay the loan then the lender could sell the asset to recover the outstanding amount.
Question: Do you really want to put your assets at risk? May be you want to consider a guarantor loan rather loans with no guarantor.
How to Get a Guarantor Loan
Two things may change your opinion of guarantor loans:
1) You’ll be surprised about how helpful your family, relations and friends will be if you ask them to be your guarantor – if a potential guarantor asks you questions then give them this link.
2) Use our FREE enquiry service and in 60 seconds you’ll have an instant decision from our pool of lenders. You’ll know how many lenders will make you an offer in principle. It’s also possible for both you and your chosen guarantor to provide online all the information required. The process is so slick now that you could have up to £7500 within 24 hours.
There is a lot of information throughout this blog and the main website – just choose the links in the menu most relevant to your situation.