A loan with bad credit and no guarantor sometimes feels like a impossible mission to accomplish. If you’ve got bad credit, it can often feel like you’re not left with many options when you need to borrow money. That situation can be compounded if one of the main ways that people with bad credit borrow money – a guarantor loan – is not an option because you don’t have anybody who is able or willing to be your guarantor.
But don’t give up – not only is it possible to get a loan with bad credit and no guarantor, but there are plenty of options available to you.
Ways to get a loan with bad credit and no guarantor – your options:
If you’re looking to borrow money, a loan with bad credit and no guarantor, it’s helpful to know that lots people are turning to peer-to-peer lending to help them out.
Peer-to-peer lending (or P2P lending, as it’s sometimes known) is a new(ish) form of borrowing and lending money.
It’s a little bit like borrowing money from a friend, but instead you borrow from strangers online. Essentially, you borrow from individuals that are willing to lend you the money you need. In many cases, these lenders offer much better repayment terms than you’d get from a bank.
That said, be careful. P2P lending is still a relatively new method of lending and borrowing money and, although it is safe for the borrower, it is still not as strictly regulated by the FCA as it could be.
The bank of Mum and Dad (or grandparents, or friends…)
If you’re really struggling to find a loan, it might be a good idea to speak to your friends and family.
Quite often, family and friends are happy to wait until you’re back on your feet to ask for repayments, and even then, are very understanding about what you can afford.
However, bear in mind that borrowing from friends and family may mean that they dip into their own emergency fund – so don’t be offended or upset if they say that they can’t afford it. Also, be careful not to pressure them or make them feel they have to lend you the money – it’s a tricky subject to negotiate, so just be open and honest and make it clear that they are free to say no.
A payday loan
We know; we’ve spoken before about the evils of payday loans. But if you fit into a very specific category, then they might be the right option for you:
If you’re in a one-off situation where you need a bit of money to see you through to payday and keep the lights on (and you’re 100% sure that you can afford to repay the terms and not leave yourself short for the next month) – then a payday loan might be just right for you.
You don’t need a guarantor and you’ll be taking on a relatively short term debt. However, be very careful when you’re applying – it’s very easy to fall into a cycle of dependence on payday loans.
Specialist loans for people with bad credit and no guarantor
Luckily for you, there are specialist loan companies – like us here at Bamboo – that are experts in helping people get a loan with bad credit and no guarantor.
We know that obtaining a loan can be a daunting process, especially with a “less-than-perfect” payment history or no history at all. And, more importantly, we understand that the occasional problem or hiccup shouldn’t have a massive effect on your chances of getting a loan.
That’s why we’re proud to offer a range of loans to people with bad credit – not just because we think you deserve it, but because we know that borrowing money can help you repair your bad credit score.
If you qualify, we could lend you up to £5,000 without a guarantor – and what’s better, it only takes a few minutes to find out how much you can borrow and how much you’ll have to pay back. Why not find out? It doesn’t affect your credit score! Representative 49.7% APR.