WARNING: Late repayment can cause you serious money problems. For help, go to moneyadviceservice.org.uk
Please note: We are a broker, not a lender, and do not make credit decisions.
Rates from 35.9% APR to max 1304% APR. Minimum Loan Length is 3 months. Maximum Loan Length is 36 months. Representative Example: £250 borrowed for 3 months. Total amount repayable is £411.63 in 3 monthly instalments of £137.21. Interest charged is £161.63, annual interest rate of 292% (fixed). Representative 1192% APR (variable).
Subject to application being approved by the lender. Not all lenders are able to provide up to £5000
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Looking for quick loans for bad credit and no guarantor? Here’s some information to consider before committing to any financial agreements.
First and foremost, we don’t advise anybody to take on a short-term loan without thinking carefully about all the pros and cons. So, if you’re looking for an instant cash loan, with no requirement for a guarantor, the information provided on this page will help you make the right decision on the best way forward.
We introduce quick loans to people with bad credit records and there’s no requirement for you to have a guarantor in place. However, you should always look around before taking out last resort loans of this nature, as there may be better solutions on the market.
One thing you should understand is that although quick loans for bad credit are simple to put in place, the rate of interest and fees charged if you do not meet your contractual repayments can make this type of borrowing expensive.
Our fast loans, no guarantor required service is open to any individual, irrespective of previous credit history and if problems with credit have been experienced in the past.
In many ways, there is no such thing as a “bad” credit rating, as credit ratings are scores which relate to the ways in which individuals have handled credit in the past.
In much the same way, very bad credit loans are quite an ambiguous way of describing loans targeted at people with low credit scores. Most of the mainstream lenders tend to steer clear of people with very low credit scores, so it can be difficult to access loans and finance from your bank or mainstream credit card providers.
This is because individuals with poor credit scores are seen to be high risk in lending terms. This is the reason that fast loans for bad credit are generally for smaller sums of money, over a shorter period of time, this is why higher rates of interest tend to be charged. However, paying your loan back for a shorter period doesn’t mean you are paying back a lot of interest.
For example, most short-term loan providers can only ever charge £24.00 of interest for each £100 borrowed over a period of 30 days. This would be a representative APR of 292%.
Many lenders will only offer a cash advance to applicants with bad credit if they can provide a guarantor who has the ability to pay off the loan if you fail to meet repayments. Any loan guarantor will generally need to possess a good credit record and should have sufficient income to meet the required loan repayments if you fail to meet them.
We don’t ask borrowers to take out guarantor loans at 1st Class Loans. All loans are handled directly with applicants and it’s the responsibility of borrowers to make all repayments due, at the appropriate times. However, if you have previously struggled to be accepted for credit, then a quick guarantor loan may be the best solution for you. In this instance, you will be matched with a guarantor lender to try and help you get the funds that you need.
We have access to a panel of lenders, all lenders on the panel will be happy to consider any application for fast loans or bad credit loans. So, if you’ve previously been turned down from other providers, why not apply today using our quick quote form, to find out whether you would qualify for a loan?
All loan applications receive careful consideration and we don’t believe poor credit records should be a barrier to obtaining a quick loan. All lenders will, however, need to assess loan repayment affordability prior to making any cash advances, and in some cases, fast loans may help individuals repair their credit record over a period of time as long as you meet the repayments on time and in full.