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It depends. A County Court Judgment (CCJ) usually marks a person as someone who is ineligible for loans. However, there are a few lending companies who will still take you on.
Options Available For People With CCJ's
Here are some viable options for obtaining loans in spite of a CCJ:
Collateral loans – if you’re in desperate need of some cash outright, consider collateral loans. You can always loan your vehicle or any other item of value so you can get the funds you need. Lending companies that provide collateral loans don’t go through the same rigorous background checks as do conventional lenders, so you can get a loan even if you have a CCJ.
Doorstep loans – doorstep loans are a niche type of lending that uses door-to-door lenders to assess and deliver the loan you need. It involves filing for a loan and waiting for a company representative to interview you face-to-face often in your very own home. These representatives will gauge not only your financial capacity, but also your needs. This will noted and incorporated into an ‘Affordability Assessment’. Some representatives may even devise a specialised plan that helps you meet your needs while helping you avoid further debt. If you are approved for a loan, you can work on a repayment plan with the company’s representative, and your loan is given to you in cash outright.
Only a limited number of lending companies provide loans for people with a CCJ, and their interest rates and terms can vary. Choose the right company that best fits your needs and financial capability.
Things to Consider When You Have CCJ's
When your credit is bad, getting a loan is harder. It is more expensive too. Your options are going to be significantly limited as well. But this doesn’t mean you’ll just have to give up on the notion when you know what to do and where to look, you’ll find that there are wonderful options you can explore.
You’ll find that lenders will likely ease off their loan requirements when you choose to borrow less. Instead of trying to get the maximum loanable amount, consider the least amount that you can borrow while ensuring that it will cover the purpose you’ll use it for. Lenders won’t think you’re borrowing beyond your paying capacity so they’re likely to approve it.
Try a secured personal loan
If you can provide a title to a car or a property with your name on it, most lenders will no longer take a look at the current state of your credit score the presence of an asset is enough to secure the loan and ease the risks involved in them letting you borrow money. Not only do you get a higher chance of loan approval, you can even enjoy better interest rates and terms along with a higher loan amount when you secure the loan.
Consider credit unions
Credit unions are known for offering loan terms that are generally more affordable than regular lenders even to borrowers with not so stellar credit ratings. Smaller lenders that do not have to cover for a lot of overhead can also offer more affordable loans to bad credit borrowers too. Just see to it that you are dealing with legit lenders before you jump right in.
Bad credit does not mean having to forego your attempts at getting a loan. However, if your need for money is not really urgent, nothing beats taking the time to get your credit score fixed first before borrowing. This way, lenders will view you more favourably and will be more than willing to grant your loan request.