What are no guarantor loans?
No guarantor loans are a form of short-term loan designed for people with bad credit, where you are responsible for repaying the total debt. These are the opposite of guarantor loans, where a friend or relative will co-sign the loan agreement to say that if you default on the loan repayments, they will make the repayments on your behalf.
If you have a less than perfect credit history – especially if you have previously had trouble meeting loan repayments - some personal loan lenders will require a form of security before they will lend you money. The guarantor provides this security.
What are the advantages of no guarantor loans?
We understand that it can be awkward asking someone to co-sign a loan agreement with you – after all, it’s your money and your business. The good news is that no guarantor loans for bad credit do exist.
To find out more about how Instant Lolly can help you, take a look here.