No Guarantor Loans

What is a no guarantor loan?

We hear from many customers whose credit rating has suffered because of a missed payment on their loan or a credit card bill. In order to get a loan, they may turn to a guarantor, who co-signs the loan application on condition that they accept responsibility for the for the repayments should the customer fail to keep them up.

We offer an alternative loan without a guarantor, so you don’t need to put your financial commitments on someone else’s shoulders. As a specialist direct lender, Progressive Money may be able to offer you a loan without having a guarantor, so give us a call on 0161 814 9383 so we can talk through your financial circumstances in detail.

No guarantor loans with bad credit

Whether you’re eligible for a loan without a guarantor depends on your current circumstances. Even if your credit history is less than perfect or considered to be a bad credit score, you could still be accepted for this type of loan.

Lots of things can affect your score when applying for credit, like a late or missed bill payment. In the UK, the credit agencies (Experian, Equifax and TransUnion) make note of every application you make, from car loans to credit cards, and making a lot of applications all at once may impact your ability to receive credit.

In order to qualify for a loan, and potentially get a lower interest rate, 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 may offer a lower interest rate. 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 that each applicant’s circumstances are more complex than the results of a credit check, and we may be able to work with you to find a suitable solution.

The advantages and disadvantages of a no guarantor loan

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 feel for one reason or another that this isn’t a suitable option for you. You’ll also avoid all the additional 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 no guarantor loans are an effective way to start improving your situation, you should be aware that in some cases, they are borrowed with higher interest rates than some other types of loan. This means that you may end up paying back more in the long run than you originally borrowed.

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 from your regular income

We cannot offer you a personal loan without a guarantor until we have reviewed your current circumstances and assessed what sort of repayments you can afford.

You may need a loan for holiday or to cover larger home improvement costs. At Progressive Money, you can borrow an amount to suit you over a period of 18 months to 10 years, at a monthly rate you can afford. Loans ranging from £1,000 to £15,000 are available.

We are often asked how fast our loans take to reach your bank account (or in the case of debt consolidation loans, where we pay off the creditors directly), although we cannot guarantee how quickly you will receive the loan we aim for a turnaround of a few working days once your application has been accepted.

Any Queries or questions?

Speak to one of our expert advisors today about our no guarantor loans on 0161 814 9383

If you receive a loan from Progressive Money a qualified loan advisor will also be available to talk about your account right through until the completion of your loan term whether you commit to 18 months or a long-term loan – and they’re just a quick call away.