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Representative 305.9% APR. Representative Example: Loan Amount - £400 | Borrowed for 90 days.
Total amount repayable is £561.92 in 3 monthly installments of £187.31.
Interest charged is £161.92, interest rate 161.9% pa (variable)

Loans for CCJs and Bad Credit Direct Lenders

If you have bad credit, lenders will consider you as a borrower who will more likely default on your loan and its repayments. However, there are still ways for you to secure the funding that you need despite your adverse credit rating. If you have bad credit and work on your own, there are loans for CCJs and bad credit direct lenders that you can turn to so you can satisfy different needs of financing.

ccj loans from direct lenders even with bad credit

Finding CCJ Direct Lenders

There are enough lenders in the UK who specialise in providing self-employed borrowers with spotty credit histories with different loan services catered to their needs and specific personal circumstances. There are lenders who require a minimum credit score and there are those who disregard credit rating entirely. The lenders will focus more on the stability of your business (if you are a business owner) and your monthly income and outgoings to determine whether or not you are eligible for their loan services. And because they are direct lenders, you won’t need to rely on a broker to obtain the funding that you need. You simply apply directly to the lender’s website and they will know exactly how they can help you.

Considerations Before You Apply

Before you apply for the loan with a direct lender, there are some things that you need to consider first. These factors may help you decide whether or not that loan option is ideal for you, your current situation and your future goals as well. They include:

  • The lower your credit score, the higher the chance that you will end up with a loan deal that has a relatively higher Annual Percentage Rate (APR) or the total cost of the loan which includes the interest rates and the associated fees attached to the loan.
  • If there are unpaid customer invoices, you can enjoy instant cash through invoice factoring or financing. While some lenders may still evaluate your credit score, the approval decision will still be based primarily on the value of your invoices.
  • If you manage to put your credit rating back to better standing, you can become eligible for more loan options at favourable rates.
  • Whether you have a guarantor to co-sign on your application. No-guarantor CCJ loans are available, however you’re more likely to be approved with a third party.

Income guidelines

Now if you have bad credit and you can’t provide a paystub because you are self-employed, there is normally one good way to show lenders how much you are earning and that is through your past tax returns. Depending on your lender, you may be required to present the last two or three years of your tax payments to give them a clear understanding of your income and monthly outgoings. You may also be requested to provide:

  1. Financial statements
  2. Bank statements
  3. Business Profile

As you are unemployed and have a bad credit rating, expect your lender to conduct some background check on your lifestyle and how you manage your finances to guarantee that you are capable of handling a loan.