No guarantor loans?
Why not give a try to drafty line of credit instead?
TrustScore 4.3 | 9,704 reviews
Thinking about getting a no guarantor loan? Consider Drafty instead
If you’re looking for loans with no guarantor, our line of credit could offer a better alternative.
- Speedy - With Drafty's quick and easy line of credit, once you're approved, you could get your cash sent to your bank within 90 seconds. It's that simple
- Borrow and use what you need – Borrow up to £3,000 and use the amount that you need from your approved credit limit
- Reuse - Withdraw up to your credit limit again. Plus, there's no need to reapply or complete another credit check
- No fees – That’s right. None whatsoever. With Drafty's line of credit you won’t pay any fees and you’ll only ever pay interest on what you use from your credit limit - so, if you use nothing, you'll pay nothing
We pride ourselves on being a responsible lender. Take out Drafty's credit line and you'll get the highest standards of customer service - take a look at our customer reviews and see why we're rated as ‘Great’ on Trustpilot.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What is a no guarantor loan?
Unlike guarantor loans, loans with no guarantor offer lending without the need for another person to act as a backup, should the borrower fail to repay. There's no need to use anything as collateral, such as a home, and the loan is usually classed as unsecured.
No guarantor loans come in the form of either long term or short term borrowing, depending on the lender and the terms.
Why do people choose to take out no guarantor loans?
People often look for no guarantor loans when they have an urgent or unexpected expense to pay, such as a repair bill, and don't want to rely on a guarantor. They might also choose loans for bad credit with no guarantor if they need access to cash quickly but have a poor credit history and feel that they might struggle to borrow.
With Drafty, you could get a superior alternative to quick loans with no guarantor. Our line of credit offers a simple way to ease the financial pressure. Whether you're looking for a £500 loan or a £3,000 loan to cover those essential costs, a line of credit could be just the answer, and could offer more than a traditional no guarantor loan.
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
What can Drafty offer instead?
Take a look:
- Flexibility - With Drafty, you can choose your repayment schedule. As long as you make the minimum monthly repayments (which includes the interest too), you can choose how you pay back the rest. Other direct lenders might not be so flexible and could ask for fixed repayments over a certain amount of time
- No fees - With Drafty, you won't pay a penny in fees. That means no charge for repaying early, no charge for withdrawing your cash and you won’t even be charged for making late payments (though we don't encourage this, and it could affect your credit report)
- We put you in control - You'll only pay interest on what you use, meaning that, if you don't need all of your credit limit, you won't pay for it! Also, your credit limit will be available for you to use when needed. Keep up with your repayments and you can borrow again whenever you like
- Quick access to cash - Once you're approved, we'll send the cash to your bank within 90 seconds
- Borrow between £50-£3,000 - With a line of credit you can borrow up to £3,000, depending on your circumstances
- No need to secure your loan - Here at Drafty, just like other typical no guarantor loan lenders, we won't ask you to back up your line of credit with a guarantor or use any collateral to secure your funds
Not only that but, when you do apply, we make sure that we look at every application individually and see past just the numbers. We also only lend to those whom we know can afford the repayments. For more information on how much a line of credit could cost you, take a look at our Pricing page.
Want to know more about Drafty’s line of credit? Check out our FAQs or head to our About Us page.
Ready to apply?
Representative 96.2% APR (variable)
Subject to status. T&Cs apply.^
How can I get a Drafty line of credit?
- A UK resident with an active bank account and debit card
- 18 or over and employed
- Earning at least £1,250 a month
- Apply – It takes minutes and you’ll get a quick decision
- Check the credit limit – If you’re approved, you’ll be given a credit limit up to £3,000. Use as much or as little as you want, and only pay interest on what you use
- Flexible repayments – You’ll repay a minimum amount every month, but the rest of your payment schedule is up to you. If you want to repay early, there's no charge and it’s easy to do with our app
- Faster cash transfer – Use Drafty whenever you need to. We'll send the cash to your bank in under 90 seconds, once approved
What are the disadvantages of taking out fast loans with no guarantor?
While a no guarantor loan could offer an easy way of borrowing cash without the need to provide any security, you might not be able to borrow as much as you would with a guarantor loan. And the application process can be lengthy with some lenders.
No guarantor loans might also come with higher interest rates, and you could end up being tied into fixed repayment terms. If you have poor credit, you might also struggle to take out a loan with no guarantor.
Contact Drafty
- Live chat - Log in or create a new Drafty account to speak to our team through our live chat function
- Drop us a message - If you'd like to send us an email, checkout our contact us page and drop us a line. A member of our friendly team will answer your questions as soon as possible
- Give us a call - We're here to answer your calls on 0203 695 8072 from 9am to 6pm Monday to Friday, and 9am to 1pm every Saturday#
No guarantor loans FAQs
Can I get a loan with no guarantor?
While we can't tell you whether or not you'd be eligible for a no guarantor loan, there are many lenders out there offering products such as payday loans and personal loans with no need for a guarantor. So, if you fit their criteria, chances are that you could get a loan with no guarantor.
With Drafty, our simple criteria can tell you whether you're eligible to apply
Can I get loan for bad credit with no guarantor?
This will depend on the lender and their criteria but there are lenders out there who offer loans for bad credit with no need for a guarantor. However, some products come with high interest rates and fixed, lengthy repayment terms so it can be easy to get stuck in a borrowing cycle.
Drafty's application process is simple and fair - we look beyond the figures, and we'll always make sure that you can afford the repayments before offering you a line of credit.
Can I get a quick loan with no guarantor?
There are lenders out there who will offer same day loans and quick loans, depending on your circumstances, but many come with high repayment fees and a bunch of questions. Our line of credit offers a flexible repayment schedule, and we make it easy to repay early if that's what you want to do.
When you apply, we'll ask you the usual questions to make sure that you can afford the minimum monthly repayments, but never anything too intrusive.
How much can I borrow with a no guarantor loan?
Again, this will depend on your circumstances and the lender, but many quick loans with no guarantor may let you borrow an estimate of around £100 to £2,000, over a period of a few months up to a year. You'll often be tied into a set repayment term with fixed payment amounts.
With a credit line from Drafty, you could borrow up to £3,000 and, as long as you make the minimum monthly repayments, you can create a payment term that works for you.
How much will a no guarantor loan cost me?
This depends on the lender, your circumstances and the amount that you borrow, but many loans with no guarantor come with high interest rates and fees. With a Drafty line of credit, you’ll only pay interest on what you use and, if you borrow £100 over 30 days, it will cost you just £5.40. Our Pricing page has more information on what you can expect to pay.
Representative Example: Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.35% (variable).
What can I use a loan with no guarantor to do?
Most people take out these types of loans to pay for unexpected situations such as a broken-down boiler, emergency car or home repairs or another urgent expense. You can use your Drafty line of credit the same way and you won’t need to tell us for what you're planning on using it.
How quickly can I get the funds from my no guarantor loan?
Depending on the lender, you could get access to your no guarantor loan the same day. Here at Drafty, we know that, if you're applying for a line of credit, you probably need access to your funds pretty quickly. That's why we aim to get the cash to your bank in under 90 seconds once approved.
How do I increase the credit limit on my no guarantor loan?
Some lenders might allow you to increase your credit limit if you've made your monthly repayments on time, but you might need to reapply or go through another credit check.
We also think that you should be able to borrow again, should you need to. However, with Drafty, as long as you've kept your account in good shape, there's no need to reapply and you can use up to your credit limit again and again.
TrustScore 4.4 | 9,721 reviews
Drafty is an FCA-authorised provider of a Revolving Line of Credit with a credit limit of up to £3000, available to borrow as and when you need it (subject to affordability checks). You only pay interest on what you draw/use.
Representative Example: Assumed credit limit: £1200. Representative 96.2% APR (variable). Annual interest rate 69.4% (variable).
There is no set minimum or maximum repayment term, so long as the minimum monthly repayment sum is met, however, you may repay back early without any fees and save on interest.