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Top 3 Personal Loans with No Guarantor Needed

If you have a steady income, a good credit score and long, consistent credit history, you’re probably a strong candidate for a loan. However, if you’re lacking any of the three, some lenders may require you to have a guarantor.

A guarantor is someone with a strong financial profile that essentially agrees to step in and cover the financial liability if you can’t repay the loan. It’s an awkward ask, and it can be challenging to find a close friend or family member willing to take on the financial risk.

So, to make things simpler for you, we’ve compiled a list of three great personal loan lenders that don’t require a guarantor. Whether your problem is a lack of credit history or inconsistent income, they’ve got the loans for you.

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Written by: Aunt Piggyy

Rating

4.7/5

Loan Term

9 - 36 months

Est. APR

% 12.99 - 39.99

Loan Amount

$500 - $10,000

Rating

4.5/5

Loan Term

9 months - 5 years

Est. APR

% 29.99 - 46.96

Loan Amount

$500 - $35,000

Rating

3.9/5

Loan Term

Est. APR

%

Loan Amount

Mogo Financial

 

Founded in Vancouver back in 2003, the fintech company Mogo Financial offers personal loans ranging from $500 to $35,000 depending on your credit background, with loan terms between 6 to 60 months. While they’ve been critiqued for offering higher interest loans, they do lower the interest rate if you create a consistent pattern of making your payments on time. Their interest rates range from 9.9% to 47.72%. 

 

They have a quick and easy approval process, with your pre-approval done in just 3 minutes. They also offer an impressive 100-day money-back-guarantee. Basically, if you aren’t happy with Mogo within the first 100 days, all you need to do is repay the principal and they will reimburse you the interest and fees.

 

Mogo works directly with Equifax to provide you with your free credit score every month to help you keep track of your financial health and continuously work to improve it.

Loan Term

9 months - 5 years

Est. APR

% 29.99 - 46.96

Loan Amount

$500 - $35,000
Review

SkyCap Financial

 

Founded in Kingston, Ontario, Spring Financial is one of Canada’s fastest growing lenders and has been offering Canadians alternative financing since 2013. They offer personal loans ranging from $500 to $10,000 with interest rates between 12.99% – 39.99%. The loan terms are between 9 to 36 months.

 

Loans are approved on average within 24 hours during business days, and SkyCap makes the entire payment process as easy as possible by directly depositing the loan into your bank account, and allowing you to set up automatic payments from your account to ensure you never miss a payment.

 

They also offer a free course to all their clients which covers crucial personal finance topics like credit, debt, saving, budgeting, home ownership, retirement and more to help you improve your financial literacy. The best part? By completing the course, you become eligible for a lower interest rate on your loan.

 

Keep in mind, however, that SkyCap loans aren’t available in Nova Scotia or Quebec.

Loan Term

9 - 36 months

Est. APR

% 12.99 - 39.99

Loan Amount

$500 - $10,000
Review

Spring Financial

 

Since 2016, fintech company Spring Financial offers personal loans ranging from $500 to $15,000 with interest rates ranging from 14.99% to 46.96% and loan terms between 9 to 60 months. Like the other lenders, the amount and interest rate you’re eligible for will depend on your credit history, your income, and your current debt load.

 

You can apply for a Spring Financial loan by either applying online or speaking to an associate over the phone, which usually takes a few minutes. Afterwards, they will send you documents to sign, and funds are usually sent to your bank account within 1-2 business days. You can choose whether you want to repay your loan on a monthly or biweekly basis.

 

Since Spring Financial reports your payments to both Equifax and TransUnion, making payments on time can improve your credit score. However, one extra step that may deter you from Spring is that they may request personal references and proof of employment to strengthen your loan application (no need for a guarantor, though).

Loan Term

Est. APR

%

Loan Amount

Review

Aunt Piggyy

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