Can You Get A Loan Without A Guarantor?

Can You Get A Loan Without A Guarantor?

There are plenty of different loans available all over the internet which are accessible to most people. Even though having a guarantor is very useful, it is not definitely essential. In the past, trying to find a lender who would lend to those without a guarantor was very difficult. Lenders previously saw those applying without one as a risk, which was worsened if they had bad credit. However, as the lending industry has progressed more and more lenders and brokers have adapted to the newer loans. Therefore, making it easier to borrow in financial emergencies.

What Is A Guarantor?

A guarantor is a person who co-signs a financial agreement. This could be needed for anything from a payday loan to renting a property. Becoming a guarantor to your family or friend means that you are guaranteeing their loan. Therefore, if they cannot repay the loan themselves, you will pay for them. Despite guarantors not being essential, your application will become more appealing as you’re less of a risk. Therefore, increasing your chances of being accepted.

Is It Better To Apply With A Guarantor?

Thankfully, there are plenty of different loans out there making them available to everybody, whether they have a guarantor or not. However, that does not necessarily mean that the process is going to be simple. After all, it is quite common to get turned away from a lender or broker. So, if you are struggling to find a lender who is willing to offer you what you need, maybe it is time to look for a guarantor.

If you are somebody who has a poor relationship with your finances, you may be more inclined to find out more information regarding secured loans. Having poor financial management whilst handling loan repayments isn’t always the best idea. Therefore, having a guarantor gives you that extra stability. This will keep you away from further debts and negative impacts on your credit score.

Applying without a guarantor can also be very simple, after all, most loans don’t require somebody to co-sign for you. So, if you know you will be able to manage all of the repayments and the process will be smooth enough for you, perhaps a guarantor isn’t something you need to consider.

What Are The Alternatives To Guarantor Loans?

Typically, when referring or searching for some kind of unsecured loan, people commonly opt to look into payday and short term loans. They are two of the most common, fast solutions to a financial emergency. Thankfully, even if you have nobody to turn to and a poor credit score, there are still answers available. Here at LoanPig, we offer bad credit loans enabling us to give everybody the second chance they deserve.

How Do Payday Loans Work?

A payday loan is a form of short term loan that is used to help until your next payday. Once you’ve received your loan, most people will repay using their following wage or perhaps the wage after depending on the amount borrowed.

As a lender, we stand out from the crowd by offering a unique lending range. Unlike most lenders, we offer payday and short term loans between £50 and £1500, giving you that little bit less, or that little bit more if necessary. As you can see, there is no need for co-signing or other parties to get involved in your borrowing journey making it as hassle-free as possible.

We all have periods throughout our financial journeys which may become rocky or unsteady. But, these periods are only temporary, especially if you are working your way out. Therefore, despite loans being helpful, they are not always the right answer. Before making any quick, harsh decisions we advise you to visit other options to help your financial position.