Expert view by Maggie Gallagher
Bad credit loans no guarantor

If you are in the situation where you need money right away to finance bills, emergency costs or anything that needs urgent action, an unsecured loan is the right choice. As Maggie Gallagher reports, the majority of lenders offer to apply online which allows you to receive an approval in a few moments. The money you applied for will be transferred into your bank account right after the moment you’ve been approved. It usually takes not more than 2 business days. Emergencies like home or utility payments, funeral expenses, medical bills or car repairs can be covered with the help of a payday loan.

Unsecured Loans with no guarantor

Unsecured loan with no guarantor means that a lender doesn’t require to provide a collateral to secure the loan from default. Even if a creditor doesn’t have any asset to confiscate if you don’t repay the loan, there are still consequences. If it happens, that a loan isn’t repaid on time, your credit score will drop. Therefore, chances to get affordable rates and terms in the future decrease.

Lenders, who provide unsecured loans use a borrower’s credit score and credit history to see whether he qualifies. Another advantage of no guarantor loans is that it can be borrowed for any purpose. Use the borrowed money as you wish, as long as it doesn’t violate the terms set in your loan agreement.

What is a bad credit score?

According to the FICO scale a score from 300 to 629 is considered to be bad. However, every lender can define bad credit score individually. Being a bad credit score applicant can stop you from getting a loan with affordable rates and terms. It also means that you will need to pay a higher interest rate on a loan than someone with good credit.

Can you apply for a no guarantor loan with bad credit on Maggie Loans?

Borrowers with bad credit scores are offered to apply for a bad-credit loan. Some lenders do not approve borrowers with no or low credit scores. However, the majority of lenders work with borrowers with good or excellent credit scores and, at the same time, they have a possibility to accept those with low credit scores, too.

Bad-credit loans provide the necessary amounts with fixed rates and repayment terms. The amounts are usually small and are not more than 500 $. The repayment term is within a few months.

A cost of a no guarantor loan for bad credit is usually $20 for each $90 borrowed. Each state and lender regulates the amount you have to pay for borrowed money, rates and terms of payment individually. Bad credit payday loans are a short-term type of loan, what makes them quite manageable, if compared to other types of loans.

A co-signer or a guarantor is a person, who can vouch for your ability to pay off the loan on time. Even if your bad credit score doesn’t disqualify you from approving for a no guarantor loan, it may become a challenge to find a lender providing a loan without a guarantor. However, there are some options for bad credit loans without a guarantor. First of all, to get a short-term cash advance without a guarantor or collateral, a borrower needs to meet the lender’s requirements. Every lenders set his own list of eligibility criteria. Minimum amount of income and proof of current employment for at least 90 days are usually among the basic requirements.

What are the pros and cons of bad credit loans without a guarantor?

Every type of lending has its own characteristics and before applying a borrower has to analyze and understand whether that or this loan will help to improve a certain financial situation. Here are the advantages and disadvantages of an unsecured no guarantor loan for bad credit.


  1. Since a borrower doesn’t need a guarantor to secure the loan amount if he fails to make repayments, there are no reason to fear that someone else will receive your bill to cover lender’s expenses.
  2. The application process is fast and simple. It is possible because there are no contactors between you and your lender. And when it happens that your car breaks down or some urgent medical bills occur, a no-guarantor loans become a logical choice for such unexpected expenses, when you need money fast.


  1. The main disadvantage of a bad credit loans with no guarantor is very high interest rate. Bad credit loans become more expensive alternative to other loans with guarantor. Since a lender doesn’t require any collateral or a co-signer, he protects himself with high interest rates.
  2. Unfortunately, the list of lenders, who can meet your requirements, is not that long, since you are a bad credit applicant. First of all, your monthly payments will be fixed, unlike any other type of loans. That is why you need to consider that have enough finances to cover the payments, because there won’t be any possibility to make changes. Before applying for a bad credit loan make sure that you can afford repaying the loan with limited rates and terms. In case of failure, you will make your credit score worse.


A borrower with a less than perfect credit score can sometimes meet difficulties on his way to apply for a bad credit loan with no guarantor. Payday loan lenders usually prefer an applicant to provide a guarantor. It happens because a co-signer has a better credit score, as a rule. It allows to secure the lender from a loan default.  However, this isn’t always the case. There are lenders, who work with offering no guarantor loans to applicants with bad credit. So do not bother your friends or family, your past financial situation is not an obstacle anymore.  At Maggie Loans, lenders work with customers of any type of credit score and offer no guarantor loans to suit your personal financial circumstances, whatever they are.

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