Borrow from £100 to £25,000
- Apply For £ 50 - £ 1,000
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- Bad Credit
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From £1,000 to £25,000
Rates from 5.7% to 278%
3-36 month repayment
Borrow up to £3,000
Rates from 278% to 1576%
3-12 month repayment
Representative example: £500 borrowed for 5 months. Total amount repayable is £991.85 in 5 monthly instalments of £198.37. Interest charged is £491.85, interest rate 236.1% pa (variable). Representative 481.6% APR.
Get the Loan and Skip the Guarantor!! Is It The Cheapest Way??
A guarantor on your loan can come in handy if your credit is poor it is a cheap alternative to a payday loan. The guarantor is usually going to be someone who has good credit and steady income, who would be more qualified for the loan than you would. That person may be a friend or family member, and their responsibility is to pay off the loan if you are no longer able to. Their credit and income are used to determine eligibility for the loan and not yours.
You may not want to use a guarantor for your loan, but it can be an instant option and you may instead be looking for very bad credit loans with no guarantor involvement. That’s perfectly understandable, and there are loans like that available.
Why Not Use a Guarantor – Whats A Cheap Option?
You may not want to bring in a guarantor on your loan for a number of reasons. It may be uncomfortable to ask someone you know to take over the loan for you should you fail to make the necessary payments. That’s a big responsibility to put on anyone, especially if they are having some financial difficulties themselves.
You also may not want to reveal to a friend or family member that you are in financial trouble yourself, enough so that you need to take out a loan this may help you get a better rate and make it the cheapest possible option. That can be a sensitive topic and not one you want to bring up to anyone you know.
So, it’s completely understandable if you want to leave out the guarantor entirely and look for very bad credit loans with no guarantor needed.
Bad Credit Loan Availability – Cheap Isn’t Always The Best.
There are a surprising number of loans available for people who have no credit or bad credit. That’s true even if you filter out the loans that require a guarantor. Usually a guarantor would be necessary if your credit is so poor that you don’t qualify for a loan or if your income just doesn’t meet the lender’s minimum income requirements. The guarantor can be used as a substitute for your poor credit.
However, there are lots of lenders that advertise themselves as bad credit lenders. They offer loans to people with poor credit or no credit- the kind of people that banks would quickly turn down.
There are lots of these, and they offer bad credit loans and no guarantor involvement needed, and you can find them listed as direct lenders, bad credit lenders, payday lenders and more. They won’t, in all likelihood, even check your credit score to determine if you are eligible for one of their loans. They rely more on your income and current financial state than any past credit history to determine if you are suitable for one of their loans.
Does that sound like the kind of loan that you could qualify for? If you think you have enough money coming in to pay for monthly payments on a small loan, but you still need a loan quickly, then this can be a great opportunity for you. You should start looking at direct lenders and wee what they have to offer you. You might be surprised at how simple it is to get the money you need through them.
What can I do if I wish to complain?
Information about complaints can be found in our complaints policy.
What if I can’t keep up my repayments?
If you can’t keep up with your repayments you must contact your moneylender immediately and advise your struggling with the monthly installments some companies will adjust your monthly installments to reflect what you can afford to pay back on a monthly basis please note that this can also extend your term of the agreement and probably the amount of interest that you end up paying back. You’re never advised to just stop paying your agreement as this may result in interest being charged on the agreement and missed payments showing on your file this could make obtaining further down the line a lot more difficult.
What do i do next?
Next is the fun bit you need to click on the apply button and fill out our simple online form designed to make sure the whole application as smooth and pain free as possible. The whole application process from start to finished shouldnt take you longer that 3 minutes its as simple as you can get.
*Subject to lender approval and requirements.