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Borrowing money without fully meeting the eligibility criteria for a loan or having a poor credit history can be tricky. Having someone to act as a guarantor can increase your chances of being accepted for a loan. It’s not always necessary, though, and lots of lenders offer no guarantor loans.

At Cobra Payday Loans, we help you get a loan without a guarantor and our lenders will consider all circumstances. You can borrow from £100 to £5,000 over a period of one month up to three years.

We know that not everyone will be able to find a guarantor or even want to have another person on their loan agreement. If someone only wants to borrow money for a short period or borrow a relatively small sum, it can be a bit of a hassle to have discussions with someone about your financial situation. This is where a no guarantor loan is a good option and the preferred choice for many.

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What are the differences between guarantor loans and no guarantor loans?

A guarantor loan aims to reduce the risk of a borrower not being able to repay the loan. This is done by having a third party who will make the repayments if the person who took it out is unable to.

Sometimes, a guarantor loan is referred to as a ‘secured loan’. Other types of secured loans include those guaranteed against property or another type of asset, but these are usually only for those seeking to borrow large amounts of money.

A no guarantor loan is only taken out in the borrower’s name without someone else agreeing to make repayments if the applicant cannot. No guarantor loans do not require the borrower to have another person sign agreement paperwork to say they will make the repayments if the individual taking it out is unable or unwilling to.

No guarantor loans are available to be repaid in one instalment or spread over several. Often, no guarantor loans take the form of a payday loan. A payday loan is a product designed for borrowing a relatively small amount of money to be repaid on the date the person next receives their wage or another form of income, such as a benefit or pension payment.

Will having a guarantor help me get a loan?

Having a guarantor can improve your chances of qualifying for certain loan products. It can also mean you could borrow a higher amount than if you didn’t have a guarantor. A guarantor loan could also have a lower interest rate as the lender perceives there will be less risk of not being repaid in full or on time.

Working with our panel of responsible lenders, we always suggest that you consider whether the one(s) you are considering is right for you before applying for any type of loan. This includes thinking about your circumstances and your ability to make the repayments alongside your other responsibilities and financial commitments.

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Who could be a guarantor on a loan?

Often, the guarantor on a loan is a friend or family member. Sometimes it could be a colleague or someone else known to the applicant. If the borrower does not repay a loan, the guarantor is contractually obliged to do so instead. If the guarantor does not make repayments, then the lender can take action against them.

If the guarantor is unable to repay the loan, then the lender should work with them to find a solution. If the guarantor refuses to pay loan instalments, then further steps are likely to be taken, including legal action. Acting as a guarantor, and asking someone to do so, should be carefully considered. It can lead to problems between the guarantor and the borrower if something goes wrong. A no guarantor loan is often more straightforward and a better choice for many people.

F.A.Q

Frequently Asked Questions

How do I get a no guarantor loan?
If you’re ready to submit an application for a no guarantor loan, you may have noticed there are a lot of short terms and payday loan lenders out there. It can be challenging to identify a loan company that meets your needs, offers the right product, and will approve your loan application. You’ll also know that making multiple loan applications within a short time frame can negatively impact your credit rating, which will hardly help.
The easiest way to apply for a no guarantor loan is to make an application with a financial services company that works with a panel of lenders rather than a single one. Sometimes, such finance firms are referred to as ‘brokers’. This is how Cobra Payday Loans work.
We act on your behalf to quickly match you with a loan company that will consider your circumstances in full to find one that will approve a no guarantor loan. It’s a lot more efficient than googling for lenders and making multiple applications only to be declined.
Can I get a no guarantor loan with bad credit?
The short answer is yes. There are a number of lenders that take a complete view of an applicant’s circumstances. This means they will consider your present circumstances, financial situation, employment and income rather than focusing mainly on your credit history and whether you have a guarantor.
Lenders might also ask about other people you are financially linked to. If you are married or live with a partner, then a bad credit loan company might consider their income and financial status. Usually, household income is higher than that of an individual applicant. In such circumstances, joint applications may be welcomed by lots of lenders.
Lenders might consider your future financial prospects too. For example, if you have other loans and credit that you will soon pay off in full, you will have more disposable income in the future.
Will I be approved for a loan without a guarantor?
There was a time when many loans available for people with bad credit required a guarantor. With tighter regulations on the short-term and payday loan industries, today’s lenders are required to apply comprehensive affordability checks and an assessment of a potential borrower’s creditworthiness, including their credit history.
This means that companies who grant short-term loans are now more assured that an applicant will repay them. It also means they are less reliant on borrowers having a guarantor to lower the risk that you will not repay them on time and in full as they have carried out comprehensive checks on the applicant themselves. In turn, there are now more non-guarantor loans available, and unsecured products are on the market with better interest rates and more flexible repayment terms.
Is a loan with no guarantor right for me?
Lots of people need to borrow cash but are unable to get a guarantor. Many loan applicants simply do not wish to take a loan that requires a guarantor. They may not have another person they trust with their financial information who can guarantee the loan, or they simply could be embarrassed to ask. Lots of would-be borrowers do not know anyone who would qualify to be a guarantor or be able to find someone in a position to do so. A breakdown in relations between a borrower and a guarantor can lead to personal and financial problems for both.
It is not unusual to not be able to identify a guarantor. Nor does it mean you won’t be able to find a loan. It simply means you have crossed off one type of loan from your potential search list. It narrows down the available loans and may make your hunt for a loan more straightforward as you will be comparing fewer products. In this instance, you will need to apply for a non-guarantor loan. There are lots of these available, even for people with bad credit.

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At Cobra Payday Loans, we work with a panel of lenders who offer no guarantor loans. Our carefully selected loan providers offer direct payday loans and those who specialise in short term lending. We also work with lenders who offer bad credit loans and loans for those with no credit history.

To get started, simply complete our application form, and our market-leading matching service will work to identify the most suitable lender, or lenders, for you within minutes.

You’ll also find answers to any questions you have in our FAQs and How it Works pages. You’ll also find lots more information in our comprehensive guides to financial products.

All lenders, credit providers, and companies that offer finance and brokers are regulated by the UK’s Financial Conduct Authority (FCA). Cobra Payday Loans is fully registered and authorised by the FCA and only works with companies that meet the requirements of the FCA.

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