Guaranteed loans

Looking for guaranteed loans for bad credit? In reality guaranteed loans do not exist. Despite this, there are borrowing options with high acceptance rates that can fit many personal and financial circumstances.

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Table of contents

Written by Mark Grimley
Read time: ~5 mins
Published: 1st December 2023

Are there any guaranteed loans?

When facing financial difficulties, it's natural to wonder if there are any guaranteed loans available. While the idea of guaranteed loans may sound appealing, it's essential to have a realistic understanding of what's actually available.

In reality, guaranteed personal loans or guaranteed loans for bad credit don’t exist. Lenders need to assess the borrower's ability to repay the loan, which involves a thorough review of their credit history, income, and other factors. If you do have bad credit use the Choose Wisely Eligibility Checker to compare lenders who consider alternative factors beyond just credit scores.

Does pre-approval guarantee a loan?

Pre-approval is a common term used in the lending industry, but it's important to understand that it does not guarantee a loan. Pre-approval is a initial review of your eligibility for a loan based on the information you provide. It gives you an indication of the likelihood of being approved for a loan, but the final decision rests with the lender after a hard credit check and full verification of the details you provided.

During the pre-approval process, lenders typically review your basic financial information, such as income, employment status, and credit history. It helps them determine if you meet their initial requirements. However, additional checks, such as verifying the information provided, will be necessary before a loan is approved.

How can I get a guaranteed loan?

While there are no guaranteed loans in the strictest sense, several steps can increase your chances of obtaining a loan, even if you have bad credit:

  • Understand your credit profile: Familiarise yourself with your credit report and credit score. Identifying any errors or discrepancies can help you rectify them before applying for a loan.
  • Use a specialist Comparison Site: Choose Wisely, specialise in helping those unable to access mainstream credit, with the information they need to know where they stand.
  • Consider alternative lenders: Traditional banks may have strict lending criteria, making it challenging for individuals with poor credit to get approved. Alternative lenders, such as online lenders and credit unions, often consider other factors in addition to credit scores. You can compare these types of lenders using Choose Wisely.
  • Submit an accurate application: When completing an eligibility check or applying for a loan, make sure to provide accurate and complete information. If you don't, lenders will find out and you’ll end up just being declined. It will then become even harder to find the cash you need.

Are secured loans guaranteed?

Secured loans, unlike unsecured loans, require collateral, such as property or a vehicle, to secure the loan. While offering collateral may increase your chances of approval, it does not guarantee a loan. Lenders still need to assess your ability to repay the loan and may consider factors such as credit history and income.

Secured loans provide an added layer of security for the lender, as they can potentially recover their cash by selling the collateral if the borrower defaults on the loan. However, it's crucial to carefully consider the risks involved before opting for a secured loan, as failing to repay could result in the loss of whatever you use to secure it.

What are guaranteed loans?

As we've established, they don't exist. Guaranteed loans, in a broader sense, typically refer to loans that have higher approval rates compared to traditional lenders.

Lenders specialising in providing specialist loans may offer more flexible eligibility criteria, taking into account factors beyond credit scores. By assessing additional information such as income, employment status, and affordability, they aim to provide options to those who may have been turned down by mainstream lenders.

Can I get a loan without a credit check?

While it's difficult to find loans without any form of credit check, some lenders offer loans with more lenient credit requirements. These lenders focus on factors beyond just credit scores, considering the borrower's income, employment stability, and affordability.

It's important to note that loans with looser acceptance criteria may come with higher interest rates or stricter terms. Lenders may compensate for the increased risk by charging you more. However, if you're struggling with poor credit or limited credit history, these options can provide an opportunity to get the cash you need.

How can I increase my chances of getting a loan?

Improving your chances of getting a loan, particularly with bad credit, requires a proactive approach. Here are some tips to increase your chances:

  • Check your credit report: Access a copy of your credit report and ensure it's accurate. Dispute any errors and work towards resolving any outstanding issues.
  • Strengthen your credit profile: Build a positive credit history by making repayments on existing loans or credit cards, on time.
  • Consider a guarantor or co-signer: Having a guarantor or co-signer with a strong credit history can bolster your loan application. Their involvement provides additional reassurance to lenders.
  • Explore secured loans: Offering collateral, such as a vehicle or property, can provide lenders with more confidence in approving your loan. However, evaluate the risks involved before applying as your collateral may be repossessed if you fail to keep up with repayments.

Guaranteed Loans FAQs

Can I get a loan with no credit check?

While loans with no credit checks rarely exist, some lenders consider factors beyond credit scores, increasing your chances of approval.

What is the minimum credit score required for a loan?

There is no specific minimum credit score for loans as this can vary among lenders and each will assess multiple factors, including credit history, income, and employment stability.

How long does it take to get approved for a loan?

The time frame for loan approval varies depending on the lender and the complexity of your application. Some lenders offer quick decisions, while others may take longer.

Are there loans for unemployed individuals?

Securing a loan without a steady income can be challenging. Lenders often require proof of income or alternative sources of repayment.

Can I use a loan to consolidate my debts?

In many cases, yes. Consolidation loans can help you combine multiple debts into one, making it more manageable. However, eligibility criteria vary among lenders.

Can I apply for a loan online?

Yes, many lenders offer online applications for greater convenience. Make sure you provide accurate information and follow the instructions provided.

Written by
Mark Grimley
Head of Partnerships & Take Control Author at Choose Wisely

Mark joined Choose Wisely in 2015. He continues to work in close contact with the providers, brokers and journalists operating in the world of consumer credit.

Important Information.

All of the information in this guide is correct at the time of writing.

If you complete a loan search application on the Choose Wisely website, the rates shown may vary based on your personal circumstances, are subject to status and are available to those aged 18 and over. Rates available range from a minimum of 13.9%APR to a maximum of 1721%APR Representative and loan repayment periods range from 3 to 60 months.

If you need financial advice you can visit stepchange, speak to citizens advice, call the national debtline or speak to

If you've been declined, please refer to your credit report to gain an understanding of why before making further applications.
You can access your credit report for free from Credit Karma, Clearscore or Experian.

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