Looking to borrow money from a direct lender without the need for a guarantor? We can help! We offer no guarantor loans for bad credit applicants, facilitated by our vast UK lender network. And we do so in a fair, transparent, and responsible manner. So if you have an emergency and need a loan urgently yet don’t possess an ideal credit record, Uncle Buck is here.
Throughout our time as an online loan broker, we’ve learned a lot. Most notably we know our customers. We understand that most who search for bad credit loans with no guarantor do not possess the required credit score required for approval with other mainstream lenders or high street banks. This is where Uncle Buck and its lending partners come in. The lenders in our partner network specialise in loans for bad credit, particularly those who have nobody to guarantor their loan. And they do this by considering affordability from an applicant standpoint as opposed to credit scores or guarantors. This typically leads to an above-average approval percentage and allows us to facilitate short term loans for the people who need it most.
The application and approval process for all the no guarantor loans we offer is extremely simple. Our custom application form only requires the most basic details and questions answering and our eligibility criteria is industry standard. The whole process from top to bottom can be completed in under 5 minutes. To apply for a loan, you need: –
Please have all your personal details to hand before applying as this will speed up the process significantly. You will also need to provide your bank account number and sort code. This is so the lender you are matched with (in the event of acceptance) can transfer you the funds directly. Often on the same day!
We do not require a guarantor for ANY of the loans you see offered on the UncleBuck.co.uk website. It is only your personal data/situation that will be considered for approval. You will neither be allowed to put forward a guarantor in the event of rejection. However, Buck boasts a high approval rating, even for bad credit customers due to our lending network and affordability assessments.
If you’re regularly applying for credit but unfortunately don’t possess a great credit score, it pays to know how credit searches, reporting and scoring works. Particularly the difference types of credit search a prospective lender can choose to carry out. Below we’ll run through the various processes in play to give you a better understanding of how each element plays a part in determining your overall score.
In the UK there are 3 major types of credit “searches”. These are known as a hard pull, soft pull or simply an affordability check. The latter, as the name suggests is simply a quick look at what you have coming in versus what you have going out. A simple calculation to determine your surplus income is then used to gauge the affordability of a given loan.
Hard and soft pulls are fundamentally different and require access to your credit report. A soft pull will show the lender the same sort of data you’d see if you were to run your own credit report via a CRA (credit reference agency). Basic data on what accounts you have, their limits and an overview of late/missed payments. A search of this nature will not leave a lasting record on your report. A hard pull or search however is all the above and then some. It is a complete detailed insight into your credit history. It will show all the loans you’ve applied for (and the outcome). Specific details of any payments you’ve missed historically along with a full overview of all your active accounts, their balances and full history. If you have this kind of search performed on you, a record of it will be stored for other lenders to see.
The 3 main credit reference or reporting agencies in the UK are Equifax, Experian, and TransUnion. There are others, but these 3 are favoured by lenders. All will consider and tally the same set of elements and metrics as each other. And even though the scores reported may fluctuate slightly from agency to agency, your overall record will be largely the same. So if you have bad credit via one agency, you’re highly like to have bad credit with another.
Credit scoring works in the basic sense by assigning points or a score to events across the timeline of your credit history. Some points are fixed and awarded because of a particular element being ticked off such as being present on the electoral register. Some are gained (or lost) depending on your payment history. Points awarded for making repayments, points removed for missing them etc. Therefore having access to credit initially is so important as it gives you a way to build those points month to month.
You’ll also pick up points for what lenders and agencies alike consider good financial / money management. This means taking on credit but not exhausting all of it. Or keeping your accounts in check, removing old ones etc. Even making sure the personal data (name, address etc) associated with the account can yield points.
To start improving your credit score, you first need to know what elements are responsible for your lower credit score in the first place. From there you can begin to take the steps to address the issues which are currently dragging your score down. Some are an immediate fix; some may take a little more time to either resolve or eventually drop off your report naturally.
Late / Missed / Incorrect Repayments: This issue is top of the list as it’s simply the most common. Late, missed or outright incorrect repayment amount flags are the primary cause of a dampened credit score. They’re so easy to accumulate and stay on your report for 6 years (in the UK). So even missing a solitary payment on an old, long expired credit card can still be hampering your score today. Unfortunately only inaccurate entries of this nature can be immediately rectified should you get in touch with your lender to address. Legitimate entries will be there until they’re naturally removed after 6 years.
Electoral Roll / Register Presence: When you apply for a no guarantor loan, a lender will want to verify that you live at the address you’ve specified in the application. They do this by checking your name and address against the Electoral Register (the thing you sign up for when you wish to vote in an election). If they can’t find you or your address details do not match, it can be seen as a red flag. That is not to say that you will be declined, but your chances of approval are much higher if present. It’s a free, easy fix too so well worth addressing. Even if you have no immediate need for credit.
County Court Judgements / Defaults: Having a CCJ or default on your record is perhaps the biggest red flag to prospective lenders outright of outright bankruptcy. It clearly shows that you’ve taken on debt in the past and subsequently ran into issues repaying it. Everybody has their reasons for not keeping up with repayments of course, some more legitimate than others. But to a lender, it tells them everything they need to know, unfortunately. Having a CCJ on your record will not outright stop you being approved for a loan via Uncle Buck, however. Especially if your current income clearly shows that you’ll be able to keep up with the proposed repayments. More so when the loans are offered with no guarantor option.
Lots of Credit, Too Much Debt: Whilst having access to a lot of credit and regularly servicing it can be a huge positive with regards to your credit score. If you’re using too much of it, it can also be frowned upon. Exhausting limits be it via overdraft or credit cards does not paint a great picture for new lenders. They like to see that you have credit but don’t feel the need to use all of what’s available. This is considered good money management and something a lender will look favourably on.
It’s no secret that it takes credit to build a credit rating by making regular, on time repayments etc. But it can also help if you’re close to your existing credit limits. This is referred to as the credit to debt utilisation ratio which essentially factors how much you have used up of all the existing credit via various agreements that is available to you. If a lender sees you maxing out credit cards, exhausting all your overdraft etc, you’ll be considered a higher risk than someone with the same limits but not using as much of it. So increasing your limits across the board can lead to an improved credit score.
Running your own credit report monthly is a good way to keep on top of things. First and foremost, you can check for inconsistencies that may perhaps be lowering your overall credit score. Falsely report late or missed payments are all too common. Plus, you may also notice some old accounts which you though were long closed but remain very much active. On the extreme end of the scale, you may have also fallen victim to identity theft, and you may have debt in your name that you know absolutely nothing about.
High Acceptance Easy Application Quick Decision £5,000 Loans Responsible Lenders Repay Over 36 Months No Hassle No Guarantor No Hidden Fees No Paperwork No Phone Calls No Delays UK Based Poor Credit OK Reputable Lenders Established Broker Fair Treatment Instant TransferAs a loan broker it will come as no surprise that we favour brokerage. Particularly if the applicant suffers from bad credit and is actively looking for lenders who specialise in this arena. By utilising the services of a broker such as Uncle Buck, your details are passed amongst multiple lenders, all vying for your business. So the chance of approval across the board is elevated. In addition, loan brokers tend to know which lenders will facilitate loans for bad credit and which won’t, so can market your application accordingly.
Going direct to a lender can have numerous benefits when compared with typical brokerage services. Some lenders actively reward applications who go to them directly instead of via a broker or comparison website. They simply pass on the commission they would have paid in referrals to you by way of savings. As to whether this would be a better outcome for you personally would depend on your situation. If you have a strong credit rating, going direct on a low interest agreement might be feasible.
As you can gauge from the above, there is no real “best” solution. It’s all about you and your personal situation. If you boast the credit score to go to any direct lender and negotiate a deal you might be better off. But if not, utilising the services of an online loan broker who can find a lender willing to consider your application (despite your credit rating) could be the way forward.
Make no bones about it, being in debt is one of the most stressful situations we encounter during our adult lives. More so if you’re unable to keep up your repayments. And especially if we feel like there is no way out, no way to generate the necessary funds to keep afloat and no help or advice on the table when we need it most.
In some cases, an additional loan might be the right way forward if it allows you to consolidate existing debts, lower your month to month repayments and potentially save you from expensive penalty fees. But sometimes, more debt is not the right solution, and you simply have no other option but to start fresh.
If you’re looking for a way out of your debt spiral by way of written guidance or you’d like to speak to someone personally regarding your own unique situation, then all the websites below can help with that. Some will even assist with the implementation of debt management and repayment solutions on your behalf. Specific plans to all you to take control of your own personal financial situation today.
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Uncle Buck is a registered trading name of Chojin Ltd. Chojin Ltd is authorised and regulated by the Financial Conduct Authority and is entered on the Financial Services Register under reference number 732880. Licensed by the Information Commissioners Office (registration number ZA214952).
Chojin Ltd is registered in England and Wales (Company number 07339611), with a registered office located at 241 Highland Drive, Loughborough, Leicestershire, LE11 2QF.
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