As the name suggests, no guarantor loans don’t require a second party or guarantor to be on standby to pay for you in the event you can’t make a payment.
Loans without a guarantor can be a good financial solution if you aren’t in a position to ask somebody to help you if you should fall short of money – whether because they’re unable to or because you’d prefer not to ask. However, some lenders are more likely to accept loan requests if there is a guarantor present, for the simple reason that they can be more confident the money they lend will be repaid.
When it comes to your finances, it’s important to understand all the facts and figures before filling out any applications for credit, and to be sure you’re making the best choice for you when you apply. So, to help you understand the ins and outs of ‘no guarantor loans’, here’s a handy guide. We look into what no guarantor loans are, who they’re best suited to, how they can help and how Sunny can support you.
Eligibility for no guarantor loans
When considering any application for a loan, we examine the applicant’s address, bank details, credit history and employment details to ensure they meet our criteria, and that the loan is affordable for the borrower and their circumstances. You must also be 18 years old a UK resident, and have a regular source of income to be eligible for a no guarantor loan.
No guarantor loan example
Our loan sizes range from £100 to £2,500. Therefore, it’s likely we offer a flexible loan suited to your needs. For example, if you take out a loan of £150 with us, over a term of 6 months – your total repayable amount, with 1,293% representative APR, would be £299.82. This can be paid in monthly instalments each costing £49.97, although you can also make your payments weekly or fortnightly depending on your own pay schedule. Use our calculator below to see which option could work out best for you.
No Guarantor loans information hub
Here, we’ve answered some common questions around no guarantor loans. These can help if you’re confused about the loan type or the process. If we haven’t answered your question here, check out our FAQ section.
How a Sunny no guarantor loan can help
Sunny aims to help as many people as possible access the emergency cash they need, when they need it. We believe in offering “life support” and strive to provide the best deal when you need money fast. Here, we’ve broken down some of the benefits of a no guarantor loan from Sunny.
Once accepted, you receive your money fast. It can land in your bank account in 15 minutes, if approved.
We do not charge any fees, just interest. If you repay your loan early, you’ll save money on interest, too.
Our customers love that we offer you the chance to change your mind. If you don’t need your loan, call to let us know and repay within five days and you won’t pay a penny in interest.
More information on no guarantor loans
Loans without a guarantor often mean less paperwork than is often associated with a loan where you do need a guarantor. You also don’t have to find someone to guarantee your loan for you, which simplifies and speeds up the application process.
However, it’s a good idea to be aware that interest rates can be higher for no guarantor loans. This is because they tend to be considered riskier for the lender. It also might be more difficult to get your loan approved alone, especially if you have a poor credit history.
At Sunny, most of our loans do not require a guarantor, no matter how much you apply for, so if your application is approved you could receive your money within 15 minutes. Although we do not ask for a guarantor, all of our applications are assessed thoroughly and quickly, so we can help ensure your financial security, check that your are eligible to apply and receive one of these loans and can make repayments with ease.
Comments from Sunny customers
We’ve helped a lot of people looking for emergency cash and they’ve called us many nice things in return – fast, reliable and brilliant are just a few words used to describe our service. Take a look at our Trustpilot reviews** and get in touch if you need any more information.
Got everything you need?
If you feel clued up on no guarantor loans, hit the apply now button below. It’s important you understand what is involved with this type of loan and the effects it could have on you financially. We recommend you speak to an expert about your finances if you feel you need support handling money or dealing with debt.
Looking for alternative lending options?
We encourage you to compare our loans to other short-term lenders to find what is best suited to you and your financial situation. You can also check out more information about the different circumstances when you may require one. Take a look at our guides on bad credit loans and payday loans to see how our short-term loans can help people in a range of circumstances.