Quick Loans Without A Guarantor

We won't ask you to provide a guarantor for any type of loan product on this site. All of the loans here are unsecured. Guarantor relationships are not something that we feel comfortable recommending to our customers.

These are loans where a friend or family member will co-sign the loan agreement and agree to cover any missed payments due to financial problems. Some will even require your Guarantor to take over if you die.

Guarantor loans have been around for a number of years; we can remember them as far back as the 1990s. They were quite common in car finance arrangements. Parents would often be asked to guarantor agreements in order for their children to be approved.

Over the last ten years, they have become more mainstream. There are now guarantor credit products for mortgages and unsecured loans. We estimate that they now account for around 20% of the unsecured non-bank lending market in the UK.

There is a massive difference between the Bank of England’s base rate and the rates of interest that short-term lenders can charge. The Bank of England charges as little as 1% APR, whilst unsecured private lenders can charge up to 99%.

Unlike sites like Quick Loans, the Bank of England’s rate reflects the risk of financial institutions failing and taking the economy down with them. Sites like ours charge interest rates that reflect the risk of the borrower not repaying the money.

We know there are many misconceptions on social media about lenders not offering fair rates. That would be true if we could borrow money from the Bank of England at their rates — but sadly, we can’t. Only banks and high-end mainstream financial institutions can borrow from the Bank of England.

Most sites like this borrow from private financiers and then lend on to customers. The rates these financiers charge are quite high.

That is why rates differ.