Unfortunately here at Buddy Loans, we only do guarantor loans, however we do understand that there are people who may have bad credit, or no credit, and may not be able to secure a guarantor for their loan.
As to how someone with bad credit and no guarantor can get a loan, is going to depend on what type of loan they require?
If the borrower needs a quick loan or an instant loan, they may wish to seek out a payday loan.
Payday loans are based on affordability, and that you have a job, and a bank account. These types of loans are not based on credit history or credit score.
If someone requires a bad credit loan and has no guarantor, and only needs a small loan for a short period of time, these loans can help.
The issues are that they are a small loan, and only for a short period, until the person is next paid. The loan is to be paid back on their next payday. In addition the interest rates can be very high.
If a person with bad credit is seeking out a car loan, and does not have a guarantor, they can look at trying to increase the deposit they may have for the car they wish to purchase to better their chances of being approved for the car financing.
There also are log book loans for someone who owns a car, has bad credit and requires a loan.
These loans are based on the value of the car the borrower owns, and the loan is secured against the car. One issue with this form of loan is that if the borrower does not pay the agreed payments, they could lose their car.
This is why having a guarantor for a loan is more attractive to borrowers with poor credit. They can be approved for the loan they need, without putting down a deposit, or having the loan secured against their car.
Buddy Loans is a direct lender £1000-£7500 +441618504141 Alexandra Court, Carrs Road, Cheadle, SK8 2JY rated stars by Trustpilot.com based on 1128 merchant reviews
Always helpful, reliable and will go out of there way for customers, never had an issue an this is my second loan with them Same great service each time!
Great Company, the communication from start to finish was great, my loan was quickly approved and I received the full amount within 48 hours. I highly recommend Buddy Loans to anyone looking for a guarantor Loan.
Great customer service
I dealt with 2 people mainly and they were soo helpful. Couldnt ask for better customer service.
Very helpful, everything was explained to me and I was asked if I understood each step. Good communication and all callers very friendly. The loan will take a lot of worry off my daughter and I was happy to be her guarantor.
I found them very polite and helpful, they quickly and efficiently sorted out my loan and kept me up to date with its progress. Daniel in applications was brilliant as was Paul in the underwriting team. Thoroughly recommend them!!
Prompt and fast payout
A very professional firm with very little paperwork involved all done and completed within a week. Faultless.
I was a guarantor
These were great. Polite, professional and had a genuine concern to ensure all was explained. I was the guarantor for a good friend and know these guys helped him so much.
Excellent friendly helpful service
Every person I spoke to was very friendly and helpful and they were very knowledgeable about their product would recommend to anyone looking for a loan
Amazing service and very easy and simple process
Amazing service and very easy and simple process. Thank you very much. Would highly recommend. Staff were great very friendly and very informative about everything
From the initial application online right through to the pay out team, brilliant! Easy online application followed by a prompt call back. The whole process was explained thoroughly by a friendly team. Can't thank Buddy enough!!
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Representative 49.9% APR.
Terms and Conditions apply. Suitable Guarantor required. All loans are subject to status and affordability checks prior to approval. All applicants must be 18 or over.
Minimum period for repayment: 12 months | Maximum period for repayment: 60 months | Minimum APR 49.8% | Maximum APR 49.9%
Representative example: Amount of credit £3,250 for 36 months. Interest (fixed at 41.16%): £2,464.57. Total amount payable of £5,714.67. Representative 49.9% APR (Variable). 36 repayments of: £158.57.