No Guarantor Loans in the UK
Having a poor credit history should not make you dependent on a guarantor! Apply here for loans without a guarantor, even if you’ve got a bad credit score. Apply nowGet a loan without a guarantor
Are you looking for a loan you can take out without a guarantor? If so, then the Cashfloat team is your next port of call!
Our payday loans are no guarantor, unsecured loans. We don’t ask you to secure your loan against any collateral or to co-sign with another person. You can borrow up to £1,500, and if you’re approved, we’ll provide you with the cash in your bank account on the same day. You can then repay your loan in automatic instalments for between three and nine months.
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What is a no guarantor loan?
A no guarantor loan is when a lender allows someone to borrow money without having another person who co-signs as backup to guarantee repayment of the loan. No guarantor loans can be for either short or long term borrowing. They’re simple and convenient but are likely to be more expensive than guaranteed or secured loans because they pose a higher risk to the lender.
There are many advantages to taking a loan without a guarantor, including:
- They’re quick – You might not have the time to wait for a guarantor. With a Cashfloat no guarantor loan, it takes minutes to apply, and you don’t need to wait around for someone else to co-sign the loan.
- There’s less paperwork – Avoid the hassle of extra paperwork! Everything is quickly completed online by you. You don’t have to provide any personal signatures from a guarantor or ask them to provide personal information.
- They’re private – No exposing your financial troubles to family and friends. A no guarantor loan is a private borrowing arrangement between you and the lender only. No third party needs to be involved.
What’s a secured loan?
Secured loans are similar to guaranteed loans but are when a person agrees to let the lender take an asset of theirs if they’re unable to make repayments.
Very simple process. All upfront with what you need to pay back and affordability to you. Quick response, would recommend
A great fast and easy to use service. Best experience I have had with a loan company. Everything was set out in easy to understand language and each part of the process was explained. Lending decision was given quickly with no documents to send or upload. Loan agreement was clear and precise all done electronically with no fuss. The amount you are paying back was clearly displayed with the APR and much cheaper than most short term lenders. Would definitely recommend this company with high approval rates and cash sent quickly
Quite simply effortless such a quick and easy to use service. Would highly recommend to anyone who wants a professional service. 5 ***** and a lot lot more.
Absolutely incredible, easy to fill out online form and had the money in my account in under 30 minutes, outstanding service 10/10
Am I eligible for a Cashfloat no guarantor loan?
As a responsible lender, there are a few criteria which applicants must meet before applying to borrow money online from us. Every applicant must:
- Be a minimum of 18 years old
- Hold a UK bank account
- Be a UK resident
- Have a steady source of income
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Loans for bad credit and no guarantor needed
Often, guarantor loans are used by people who have a bad credit score. With Cashfloat, however, you can apply for a no guarantor loan even if you’ve got a bad credit score. There’s no extra paperwork, no harassing someone to be your guarantor, and you can get funded online on the same day.
As a responsible lender, Cashfloat do perform credit checks on every loan applicant. However, we only use your credit score as one part of the loan decision making process. If your income and other financial information indicate that you’ll be able to afford the loan repayments, then there’s a good chance we’ll give you a loan. You should note, however, that loans without a guarantor are usually more expensive than guarantor loans. It’s important to consider the extra expense before taking one out.
Did you know? You can take the fear out of having a credit check done by working on improving your credit rating. Check out Cashfloat’s advice on how to improve your credit score.
How do the repayments work?
Once you’ve received the money into your bank, you’ll have to make your first payment the following month. Our customers repay their loan every month for up to 9 months. The exact amount of time depends on how much someone borrows as well as their personal preference. Loan payments are made with a continuous payment authority. This is where the customer gives permission to us to deduct monthly payments from their account.
At Cashfloat, you can pay your loan back early if you want and save on interest payments. We encourage all our customers to repay their loan as early as possible to save money, and we never charge a penny for this service.
Guarantor or no guarantor loan? What works for you?
There are advantages and disadvantages to both guaranteed loans and loans with no guarantor. In this section, we highlight what they are so you can make a more informed decision before you take out a loan.
- Borrow larger amounts for longer – If you choose to use a guarantor for your loan, your guarantor will agree to repay the loan if you default. This makes things safer for the lender, and so they’re likely to offer you favourable terms. That includes offering larger amounts and longer terms. Short term loans are usually given for smaller amounts over shorter periods. However, as we mentioned, they’re faster and simpler, and you don’t need a guarantor.
- Lower interest rates – It’s often cheaper to take a guaranteed loan. Again, this is because there’s less risk involved for the lender. Lenders always charge less when there’s less chance they won’t be repaid for a loan. Short term no guarantor loans may be more expensive, but they’re much more convenient. At Cashfloat, we do our best to provide fast loans for people with both bad and good credit scores. If our loans don’t suit you, cheaper guarantor loans are always an alternative.
- Faster payout – Naturally, it takes longer to get a guarantor loan. First you have to find a guarantor, and then lenders will want to look into their credit history and other information. The best guarantor lenders will be the ones that manage to carry out the process as swiftly as possible. If you’re only after a small amount, you can avoid the hassle of finding a guarantor by taking out a no guarantor loan instead. Cashfloat can get a loan funded to you today if you’re approved.
What should I consider before applying for a loan without a guarantor?
Before applying for any kind of loan, you should make sure to research the lender’s credentials beforehand and read reviews about them. Here are some questions you should also ask yourself before you apply:
- Do I really need the money now, or can it wait until next month?
- How much do I need to borrow?
- Can I afford the repayments?
- Are there any other fees?
We only advise customers to apply for a loan without a guarantor if they need the money for an emergency. Emergencies can be things like car repairs, paying for a broken home appliance or an unexpected vet’s bill. You should also be sure you can afford the repayments. Taking out a loan is a serious matter, and you shouldn’t take any dealings with a direct lender or an authorised credit broker lightly.
Can I get a no guarantor loan from a direct lender?
Cashfloat is a trusted no guarantor payday loan direct lender from the UK. There are no hidden fees, no application fees and definitely no credit broker fees! When you use a direct lender, as well as it costing you less, your personal information is also much safer because only one lender will access your credit report and personal information. See our privacy policy to find out how Cashfloat treats your personal information.
If my loan application is accepted, when will I receive the funds?
Once you’ve been accepted for a loan, you should receive the money into your bank account within an hour*. Most banks support the Faster Payments Service, making this possible. If your bank does not, then you should still receive money the same day as approval, as long as you’re approved by 4.30 pm.
Why are loans that don’t need a guarantor more expensive?
You may have found that loans which don’t require a guarantor are more costly. This is because these loans are more risky for the lender. If the customer defaults on the loan, the lender won’t be able to go to a guarantor to get their money back. On the other hand, if there is a guarantor and the customer defaults on the loan, the guarantor will have to repay the loan. Whenever a lender takes more risk, they charge more for offering a loan.
Can I apply for a no guarantor loan with no credit check?
It’s not recommended to apply for a no guarantor loan that comes without a credit check. According to the Financial Conduct Authority, lenders in the UK should always check an applicant’s creditworthiness before approving any loan. Any lender offering to accept your application or guarantee you a loan without performing a credit check is irresponsible.
As an FCA regulated lender, we provide safe payday loans with no guarantor. If you have poor credit, you can still apply! Don’t put your safety at risk with a no credit check loan.
Why should I choose Cashfloat?
Here at Cashfloat, we provide fast no guarantor loans for people who need financial help. As a Financial Conduct Authority (FCA) regulated lender, we always put the safety of our loan applicants first and carry out credit and affordability checks. These are there to make sure our customers can make loan repayments. As transparency is one of our core beliefs, we’re also entirely open about our interest rates and charges.
Cashfloat has already helped over a hundred and fifty thousand customers in the UK – we’re here for you!
A loan with no guarantor is easy to find at Cashfloat, and you can borrow up to £1,500. We’ll give you a free instant decision, and we can fund the money to your account within an hour* if you’re approved. Worried about your bad credit score? Cashfloat specialises in bad credit loans – no guarantor, guaranteed!
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