If you’ve been trying to take out a loan with a County Court Judgement on your credit record it’s likely you have encountered some difficulty. Most lenders will deem you as too high-risk for their lending profiles and will decline your application. That doesn’t mean that there aren’t any options available to you though. In fact LoanLoad works with direct lenders that specialise in lending to those with bad credit histories and CCJs. If you meet the lending criteria you could lend as much as £5000, often on the same day as application.
So What is a CCJ?
A County Court Judgement (CCJ) can be issued to an individual who has neglected to meet their loan repayments or not paid their bill or credit card for a long period of time. In these instances a debtor can take the matter to court in order to retrieve any money owed (usually as a repayment plan) and a CCJ is issued to show this has been carried out. It’s worth noting that they only tend to be issued after all other methods of debt collection have been attempted.
CCJs will stay on your credit file for 6 years and are deemed as ‘unsatisfied’ while the debt remains, and ‘satisfied’ at the time of completion. They are visible during credit checks, and for that reason many lenders will refuse to lend in these circumstances due to the deemed risk involved.
Will My Credit Score be Affected?
Yes and no… by applying for a loan in itself your score can be negatively affected as the lender carries out a credit report when processing your application, which will in turn have an impact upon your report. There are however some key points to consider that will help lower the implication of this:
- If your credit history is above average it will be easier to weather the storm of a loan application, though it’s worth limiting the amount of applications you make.
- It’s beneficial to only apply for a loan if you think the likelihood of approval is high.
- Many lenders perform what is known as a ‘soft search’ which is far less intrusive and won’t impact your credit score in the way a ‘hard search will.
- The act of meeting your repayments and repaying your loan in full will actually be a positive indication that you can handle loans responsibly and actually increase your overall score.
Do I need a Guarantor?
You can indeed get CCJ loans without a guarantor. Many people wish to keep their finances private so choose to lend without involvement of a third party, though as with all loans there will be certain eligibility requirements that you need to meet. As part of responsible lending you will need to prove you can meet the repayments.
If you do have someone that is willing to co-sign your loan application then it can be advantageous as it provides the lender with increases security and will further your chances of being accepted. Your guarantor will also need to meet some eligibility requirements such as having a reasonable credit score and a regular income.
CCJ Loans From Direct Lenders
Getting a loan from a UK direct lender helps to cut out the middle-man and avoid any confusion. This is precisely why LoanLoad connects you with responsible, rated UK lenders who will take you through the process from application to the transfer of funds. As we work as a broker… you know that the chosen lenders will also have your details and requirements ready to process, so the entire process takes just a few minutes.
We know that one of the main reasons people search for CCJ loans from direct lenders is that they have been refused a loan before, which is why our service is vital in connecting your with lenders that are happy to consider applicants in your financial situation. You’re more likely to find your perfect loan match, and less likely to be rejected.
Getting a Loan With a CCJ
Despite the somewhat extenuating circumstances you may be in… applying for a loan for CCJs is essentially the same process as any other type. The key difference is using a site like LoanLoad to connect you with the right people in the first place. We’ve already found direct lenders that are more likely to sympathise with your current financial predicament.
You then need to provide us with a few basic details using our online form. The whole process only takes a couple of minutes, and you only need to provide answers to simple questions such as how much you would lie to borrow, your contact details and your contact information.
With that information we can help narrow down the most suitable lenders to increase the likelihood of acceptance without performing a credit check ourselves.
All options you are presented with are obligation-free, therefore you are not obliged to accept any of them.
CCJ Loan Eligibility
In order to be deemed eligible to take out a loan with a CCJ, you must meet the standard loan requirements found with most other types of loan, with one extra caveat… your CCJ must be classed as ‘satisfied’ or in the process of being so. Typically you will also need:
- To be at least 18 years of age.
- To be full-time resident of the United Kingdom (and have a permanent address).
- To provide valid contact information such as an email address and phone number.
- To have an active UK bank account linked to your home address.
- To prove that you can afford the monthly repayments in connection with the loan.
These are typical requirements, but it’s worth noting individual lenders may require further information.