CashLady is a credit broker. We don’t currently work with any guarantor loan lenders, but if you’re looking for an alternative to a guarantor loan, CashLady might be able to help.
Searching for a no-guarantor loan with CashLady is straightforward and we don’t charge any fees for our service.
What is a no-guarantor loan?
A no-guarantor loan is when a person borrows money from a lender without having to use a guarantor. They sign the agreement, taking full responsibility for the loan and any action that may follow if they default on their repayments.
What types of no-guarantor loan are there?
A no-guarantor loan could come in a variety of different forms. We’ve listed some common examples below.
- Payday loan: a payday loan is typically designed to plug a hole in a financial emergency between one payday and the next. They’re usually required to be repaid in full within four weeks and could come with a higher rate of interest. Please note that CashLady does not work with any lenders of payday loans.
- Same-day loan: if you need money quickly, a same-day loan could be a choice. Several of the lenders on the CashLady panel could send your money on the same day your application is approved.*
- Personal loan: the amount of money available with this type of loan will vary, along with the repayment terms. Some must be repaid within a few months, while others can be spread out over a year or more.
- Bad credit loan: not everyone has a good credit history, but that doesn’t automatically mean that you will be excluded from borrowing credit when you need it the most. Interest rates are usually higher, and loan amounts may be limited."
Any credit score considered when you search for a loan with CashLady.
What can a no-guarantor loan be used for?
A no-guarantor loan is usually used to bridge the gap in the event of an unexpected expense that your savings won’t cover. Some common reasons why people apply for a no-guarantor loan are to fund unexpected bills; veterinary fees; and urgent home and car repairs.
Before you think about searching for a no-guarantor loan, you must be absolutely certain that this is the right option for you. While financial emergencies are undoubtedly stressful, you should take your time when weighing up your options.
You should never apply to borrow money that you can’t afford to repay.
Is a no-guarantor loan better than a guarantor loan?
The only way to decide if a no-guarantor loan is a better option for you is to review your own personal circumstances.
Whatever you decide to do, always ensure that you are in a position to repay the loan, including interest, without it affecting your essential monthly outgoings.
Can you get a no-guarantor loan with bad credit?
There are a number of lenders in the UK, including several of those on the CashLady panel, who specialise in no-guarantor loans for people with poor or bad credit history.
Please be aware that a bad credit loan could come with a higher rate of interest, and you might be restricted in the amount of money that you can borrow.
Can I get a no-guarantor loan without a credit check?
You can’t get any type of loan without undergoing a creditworthiness assessment. This will include either a hard search or Open Banking.
During a creditworthiness assessment, the lender will take the following information into consideration:
- Employment and income status.
- Credit score.
- Credit history, including how previous credit commitments have been managed; and
- any recorded county court judgements (CCJs), Individual Voluntary Arrangements (IVAs), or bankruptcy.
Open Banking is a safe and secure procedure carried out by authorised third parties. With your consent, Open Banking grants the lender of your choice access to your online bank account with a read-only view. This gives them an overview of your recent financial activity, which could provide a more accurate insight into your money management, rather than relying on your credit history alone. This could be beneficial to those who might be concerned that a history of bad credit could negatively impact their chances of being considered for a loan.
Before you share your personal and financial details with any lender or credit broker, you may wish to check that they appear on the FCA register, which you can access here.
Should I use a credit broker or a direct lender?
Whether you choose to search for a no-guarantor loan through a credit broker or apply with a direct lender is entirely up to you.
When you apply with a direct lender, they will only be able to check your eligibility for their loan(s), whereas a credit broker can scan a panel of multiple lenders offering a range of loans at the same time. CashLady works with a panel of over 30 lenders.
A direct lender may carry out a hard search, which will remain on your credit file for up to 12 months. Several hard searches within a short period of time will harm your credit score.
When you search for a loan with CashLady, we’ll run a soft search with no impact to your credit score.**
No-guarantor loan eligibility
In order to search for a no-guarantor loan with CashLady, you must:
- Be over the age of 18;
- Be a UK resident;
- Have a UK bank account and valid debit card; and
- Have a regular source of income paid into your bank account.
How to search for a no-guarantor loan with CashLady
If you meet the criteria and would like to start your search, you can expect the CashLady journey to look a little like this:
1. Let’s get to know each other. How much money do you need to borrow, and how long would you like to borrow it for? Our online form should take no longer than five minutes to complete.
2. We’ll get to work. In just 60 seconds, we’ll use the information provided on your form to run a soft search and scan our panel of lenders for a suitable loan.
3. It’s a match! If you’re matched with a loan, you’ll be redirected to the lender’s website, where you can find out more and decide whether you’d like to make a full application.
4. Like what you see? If you choose to go ahead with the loan, the lender will complete a creditworthiness assessment.**
5. If successful, your lender will let you know when you can expect your money to be sent to your account.*
Your lender will send you a loan agreement, which will include your terms and conditions. You should pay particular attention to your repayment schedule and be 100% certain that you can afford to make your monthly instalments.
What happens if I can’t afford to repay my no-guarantor loan?
As discussed, with a no-guarantor loan, you are solely responsible for making your repayments in full and on time each month. If you’re struggling to make your repayments, you should contact your lender as soon as possible. Don’t wait until you’ve fallen behind; reach out as soon as you start to feel as though you might make a late repayment or miss one altogether.
Your lender will discuss any options that may be available to help reduce some of the financial pressure you’re facing.
Worried about money?
You can get free, confidential money and debt management advice through a range of charities and organisations, including StepChange, MoneyHelper, Citizens Advice, and National Debtline.
*The time it takes for the money to appear in your account will depend on your bank’s policies and procedures.
**If you’re matched with a lender and proceed to make a full application, the lender will complete a creditworthiness assessment. This will include a hard search or Open Banking. A hard search will have a negative impact on your credit score.