Comparison of specialist no-guarantor loans
Thankfully, there are alternatives to guarantor loans if you’re looking to borrow money and have a poor credit score.
Late repayments can cause you serious money problems. See our debt help guides.
What options do I have if I have bad credit?
Get up to £3,000 when you need it with Drafty
- Get ongoing access to a flexible line of credit
- No late fees, no early repayment fees
- Find out if you’ll be approved without affecting your credit score
Representative Example: Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).
How to get the best rate on a loan for bad credit with no guarantor
It can be overwhelming trying to compare the various forms of credit. Your best option is to look for the annual percentage rate (APR) of all the products you’re evaluating. This figure, which has to be displayed for all forms of credit, will make it clear what the cheapest product is. finder’s comparison table for bad credit personal loans is a good place to start.
Make sure you check the other terms associated with the loan, including the minimum eligibility criteria. If you don’t meet the criteria, there’s no point applying for the loan, as you’ll automatically be rejected. This will harm your credit score and make it harder to be approved for credit in the future.
If you feel like you may struggle to meet the monthly repayments, choose a product with a longer term. The overall cost of this product will be higher, but it’s important to avoid missed repayments as this will also send your credit score plummeting and may result in extra fees, too.
The key to getting the best rate for your circumstances is to take the time to search all your available options, and select the cheapest overall product that you can comfortably afford to repay each month.
Frequently asked questions
How different factors can affect your credit score
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