No Guarantor Loans

What is a no guarantor loan?

A no guarantor loan is a type of personal loan that does not need to be undersigned by someone else. A guarantor can help you get a loan by promising to take on the payments if you can’t make them. But with a no guarantor loan, you don’t need to ask someone else to take on that responsibility.

We hear from many customers whose credit rating has suffered because of a missed payment on their car loan or a credit card bill that was paid late. In order to get a better rate for their next loan they turn to a guarantor, who co-signs the loan on condition that they are jointly responsible for the repayments.

We offer an alternative loan with no guarantor, so you don’t need to put your financial worries on someone else’s shoulders. However, unsecured loans do tend to come with higher interest rates , so it’s best to give us a call so we can talk through your situation in full.

No guarantor loans with bad credit

Whether you’re suitable for a loan without guarantor depends on your circumstances. Even if your credit history is less than perfect, you could still be accepted for this type of loan.

Lots of things can affect your score – whether it’s an unpaid bill or unusual activity when applying for credit. Credit agencies make note of every application you make, from car loans to credit cards, and making a lot of applications all at once may harm your chances of getting finance.

In order to qualify for a loan, and to try and get a lower interest rate on the repayments, some borrowers ask a friend or relative to act as their guarantor. This means that the lender can be more confident of being repaid and so can offer a lower rate.

But for whatever reason, that arrangement might not be suitable for some people, which is why we offer no guarantor loans. At Progressive Money we know there’s more to your situation than what a computer screen tells us, and we can work with you to help give your finances a boost.

The advantages and disadvantages of a no guarantor loan

A loan with no guarantor has its advantages over other types of personal loan, but there are also some drawbacks that you should carefully consider when deciding if this is the right kind of loan for you.

One advantage of the no guarantor loan is that you don’t have to place the responsibility of being a guarantor on someone else. While a friend or family member might be glad to help, you may still feel bad having to depend on them in order to ease your situation. You’ll also avoid all the paperwork that comes with assessing that person’s suitability to act as the guarantor on your loan.

Another benefit of opting for this kind of loan is that, further to the above, you can stand on your own two feet and begin the process of improving your credit score by being confident you can pay back the loan in full.

Although the no guarantor loan is an effective way to start improving your situation, you should be aware that they are commonly lent with higher interest rates than some other types of loan. It means that you’ll end up paying much more back in the long run than you originally borrowed – but this does at least ensure you can borrow the money that you want.

Am I eligible for a no guarantor loan with Progressive Money?

If you meet the following criteria, you may be eligible for a no guarantor loan:

• Aged 18-70
• A homeowner
• Employed or self-employed
• Living in England, Scotland or Wales
• Able to afford monthly repayments comfortably from your regular income

We cannot promise you a personal loan until we have reviewed your current circumstances and checked what sort of repayments you can afford.
You can borrow money over a flexible period of 18 months to 10 years, at a monthly rate you can afford. Loans from £1,000 to £15,000 are available.

Queries or questions?
A personal account manager will be there for you to talk about your account right through until the completion of your loan term – and they’re just a quick call away.