- Loans
- Loans for bad credit
- No-guarantor loans for bad credit
No-guarantor loans for bad credit
At Zable, you could be eligible for a no-guarantor loan, even if you have bad credit. Use our quick eligibility checker without impacting your credit score.
Link your bank account to give a fuller financial picture
Borrow £1,000 - £25,000
Most customers get their loan in less than an hour
12.5% representative APR. Rates and repayments vary based on your chosen amount and term.
Apply onlineRepresentative example
Assumed borrowing of £7,500 over 36 months at 12.5% APR representative. Monthly cost of £248.52. Total amount repayable of £8,946.72. Interest rate of 7.8% p.a. (fixed) and total fees of £440.00. From 8.1% to 49.9% APR. £1,000-25,000 over 1-5 years available.
Why choose Zable for your loan?
Transparent
What you see is what you pay - your price includes the loan setup fee
Personalised interest rates
Based on your circumstances
Fast decisions
Get a quote in minutes online with our simple form
Same-day funds possible
Most customers have their funds in less than an hour
What are no-guarantor loans?
A no-guarantor loan is a personal loan that does not require you to provide a second person, such as a parent or friend, to co-sign the agreement and take responsibility for the debt if you are unable to make your repayments. These ‘guarantors’ would basically promise to pay back the money if you couldn’t.
Since there is no backup person to cover the debt with a no-guarantor loan, the lender decides whether to lend to you based only on your own history and ability to pay.
At Zable, we use Open Banking technology to gain a full picture of your finances (such as your income and spending habits) as opposed to your credit score alone. This allows us to consider applications from people with a range of credit scores, without factoring in a guarantor.
Can I get a no-guarantor loan with bad credit?
Yes, it’s entirely possible to get a no-guarantor loan with bad credit.
At Zable, we know that your credit score doesn’t always paint a full picture of your ability to repay, and that past credit mistakes don’t necessarily speak to the way you borrow money today. That’s why we use Open Banking.
Open Banking is a secure financial practice that allows us to see your current financial data, such as income and spending habits, with your consent. You simply link your bank account during the application process and we handle the rest.
Because of this broader picture, we can offer eligible customers loans without a guarantor, even if they have bad credit.
Check whether your bank supports Open Banking here.
Can I get a no-guarantor loan without a credit check?
In short: no. If a lender is legitimate and regulated, they must perform a credit check by law.
In the UK, the Financial Conduct Authority (FCA) requires lenders to conduct a ‘creditworthiness assessment’ before giving you money. This is to ensure you can afford the loan and aren't being set up for financial hardship. Any company promising a loan with no credit check is either unregulated or acting irresponsibly and should be avoided.
What you can do is check your eligibility with a ‘soft’ credit check that doesn’t impact your credit score. This is something we offer here at Zable.
This allows you to see your likelihood of approval without leaving a mark on your credit file. The ‘hard’ check happens once you officially accept and move forward with the loan offer.
How can I improve my chances of getting a loan without a guarantor?
Though it’s possible to get a no-guarantor loan with poor credit history, improving your score can make it easier to get approved and potentially unlock better rates. Here are some key tips to follow.
1. Check your credit report
Check your credit report to correct any errors, such as a wrong address or a payment that’s been incorrectly reported as missed.
2. Limit enquiries for new credit
Try not to apply for multiple loans or credit cards in quick succession, as too many hard credit checks can lower your score. Check your eligibility with a soft search first, and make an informed decision from there.
3. Pay your bills on time
Make sure you pay all of your bills and debts on time each month. This includes any existing loans, credit cards, and utilities. Setting up direct debits can help ensure you never miss a payment.
4. Look into rent reporting
Reporting your rental payments can help build your credit score, just like mortgage repayments do. You can do this easily via the Zable app. Once you link your bank account, we identify monthly rent payments leaving your bank account and report them to the credit reference agencies.
What are the benefits of no-guarantor loans?
Financial privacy
You don’t have to disclose your financial situation or debt to friends or family.
Protect relationships
There is no risk to a loved one’s savings if your financial situation changes.
Financial independence
Some people do not have someone who is willing or able to act as a guarantor.
Build your credit
Making solo payments on time is an excellent way to prove your individual creditworthiness.
What to consider before taking out a loan
Work out how much you need to borrow
The larger your loan, the more interest you’ll pay, so don’t borrow more than you need.
Consider the loan repayment period
If you borrow for a longer period of time, your monthly repayments would be lower, but you’d end up paying more interest overall. If you can afford higher monthly repayments, you may want to consider a shorter loan term.
Consider alternatives
Because you pay interest on loans, you’ll end up spending more money than if you wait and save up or borrow money from loved ones.
What are the alternatives?
If you’re finding it difficult to get a loan, there could be other options available to you.
We offer credit cards for bad credit, also referred to as credit builder cards, which can help you to improve your credit score, provided you pay at least the minimum amount back each month. Credit cards can be a sensible choice for amounts under £1,000.
Borrowing from friends and family
Borrowing from trusted friends and family members could enable you to avoid paying interest altogether. To protect your relationships, it’s important to draw up a written agreement and to check you can afford to make repayments.
Government support
You may be eligible for government benefits like Universal Credit or a Budgeting Loan. You can find out what support may be available to you at gov.uk.