CCJ loans no guarantor: Important things to consider
Many loans designed for people with bad credit and CCJ are normally tied to an asset like a home or vehicle. There are also those that require a guarantor to back up the loan deal. These forms of security are what lenders need to offset the risk associated with your application. Sourcing out a guarantor, however, is not easy and the person needs to meet strict eligibility requirements to be considered as a guarantor. Now if you want to take out an unsecured loan and you simply cannot find someone to back your loan deal, then you can consider CCJ loans no guarantor as a viable option.
What to consider in your CCJ loans no guarantor
If you are thinking about taking out a CCJ loan without a guarantor, there are numerous things that you need to consider. This will help you determine whether the loan is ideal for you and your situation and if it is something that can really help you out. They include:
1.) Interest rate
You might want to consider the interest rate that you will be paying if you agree to the terms and conditions of the loan deal. The percentage is important and obviously, you want the lowest you can get. But you may also want to know what type of interest is attached to your loan deal. Normally, you will get a fixed interest rate or a valuable interest rate.
- Fixed interest rate – This means that the interest rate will remain the same throughout the entire loan duration.
- Variable interest rate – The interest rate you are initially charge could change in the duration of the loan as the prime interest rate goes up and down.
Variable rates normally have lower interest rates at the beginning but because they can fluctuate through time, there is a chance that you will end up paying more in the end. Because interest rates in the UK are quite low these days, a variable interest loan is likely to go up over the course of your loan term.
2.) Loan term
Aside from the interest rate, you may also want to consider the term of your loan which pertains to the time period in which you will have to repay the money that you owe. Different lenders providing CCJ loans no guarantor have different terms for their loan services. There are short terms that can last only a year and there are those that can last as long as 7 years. The shorter the loan term, the lesser the interest rate you will have to pay.
Lower terms, however, will mean that you will have to pay higher monthly payments and this is something that you need to look into with great consideration. But whatever the loan term you choose, make sure that it is ideal for your budget and monthly outgoings.
Other things to consider
Aside from the interest rates and loan term, you may also want to look at the attached fees and charges to your CCJ loans no guarantor. The interest rate may be low but if there are high fees attached to your loan deal, then you might end up paying more than you expected. Also, make sure that the lender providing the loan is authorised by the Financial Conduct Authority to ensure that you are enjoying a loan deal that is not only safe and legit but also fair.
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- It’s possible to apply for CCJ loans with no guarantor from direct lenders.
- Loan terms can be customised according to your monthly expenses.
- You don’t need to pay any upfront fees when applying for bad credit loans.
Finding CCJ Loans with No Guarantor
In this day and age, finding CCJ loans with no guarantor may not be as hard as it was years ago. With all the innovative new loan solutions that many companies are now offering their clients, borrowers who were previously constrained by CCJs or county court judgments handed down for their failure to pay off their debts, can now easily seek highly safe loan alternatives. But while CCJ loans with no guarantor are now way easier for borrowers to procure, the consistent surge in the demands for loans as well as the consequents rise in the number of unpaid loans has, in the past, prompted traditional lending firms and institutions to come up with long-term solutions. Among these long term solutions was credit scoring system, devised and designed to help lending firms’ achieved their projected ends.
Through this credit scoring system, lending firms and institutions were easily able to classify borrowers according to their financial conditions. With this credit scoring system in place, borrowers whom the lending institutions felt were incapable of paying their debts in the future were easily set apart from the borrowers whom they perceived to be likely capable of paying off their loans with no problem at all. Under the same credit scoring system, individuals, as well as other borrowers, whose income level do not meet what the lending firms have decided as the minimum allowable requirement were automatically given poor credit scores, while those borrowers who may have failed to make their regular payments — whether frequently or repeatedly — were automatically given records that showed their bad payment histories. Due to this, borrowers with poor credit scores and bad payment histories were automatically disqualified from taking any kind of loan from any of the standard lending institutions and firms.
Because of this, borrowers with poor credit scores and bad payment histories were automatically disallowed from securing loans from any of the lending institutions and firms. Consequently, borrowers who found themselves in urgent financial crises had very few and often unacceptable alternatives. Since borrowers were often only left to choose from borrowing from friends and family or selling off their personal properties to raise money, a lot of them tend to settle with taking underground loans from illegally lending individuals and firms. But while this latter option does allow borrowers the temporary financial relief that they need, the long-term repercussions being posed by these underground loan options often leave many borrowers in even more difficult financial conditions. Because of the high-interest rates that plague borrowers in underground loan solutions, a lot of these borrowers are often left to deal with a cycle of worse financial conditions.
Getting Loans Without Guarantor for Very Bad Credit
Due to the effects brought about by the credit scoring system that’s being utilised by the lending firms in order to help solve their problems in the long term, more and more borrowers with bad credit eventually fell into the same cycle of difficult financial circumstances. Because of this, a whole new market made up solely of borrowers with bad credit was eventually created. And with the constantly rising demands for more acceptable and more affordable loan solutions, lending firms and institutions have later on decided to come up with innovative financial solutions. With innovative new loan services such as loans without guarantor for very bad credit, borrowers now have have safer, more acceptable, and a lot more secure loan options to rely on especially in times of urgent financial conditions. Through innovative financial solutions such as loans without guarantor for very bad credit, borrowers now have better financial solutions in times of urgent financial crises. And unlike application procedures commonly being implemented in securing conventional loans from most of the traditional lending institutions, applications for innovative loan solutions like loans without guarantor for very bad credit are not nearly as complicated.
No Broker Loans for Bad Credit with No Guarantor
With innovative new financial services like no broker loans for bad credit with no guarantor, borrowers can now easily submit their loan applications right straight out of the comfort of their very own homes. Because loan applications can now be accomplished completely online, borrowers may now choose to submit their loan applications regardless of where they are, and at any given time. And since everything can now be accomplished entirely over the internet, loan applications can now be processed as soon as they are submitted. Due to this, approvals of applications for no broker loans for bad credit with no guarantor, as well as other similar innovative new loan solutions, may now be completed in as little as just minutes after they have been processed. The release of approved loan funds, on the other hand, can now be accomplished even on the same day that the loan applications were submitted. Because of this highly innovative and convenient features, no broker loans for bad credit with no guarantor, as well as other similar innovative new financial services, are considered good alternatives to urgent financial crises. But since no broker loans for bad credit with no guarantor as well as other innovative loan services are typically small loans that are normally to be repaid over short payment terms, these financial options do not make good solutions to more complex financial conditions. In addressing more complicated financial situations, borrowers can always count on secured loan options, where they can secure bigger loans that are repayable in longer payment terms.
No Fees Direct Lender Loans for Bad Credit with No Guarantor and No Fees and Instant Decision
A lot of borrowers tend to think that just because securing loans from the lenders directly do not involve having to pay for loan brokers’ fees, it automatically follows that choosing this option provides the most benefits. A lot of borrowers fail to realise, however, that since loan brokers maintain connections to numerous lenders across various areas, they have comprehensive access to all these lenders’ discounted lending services. Because of this, borrowers who choose to procure loans through loan brokering firms actually enjoy so much more savings and benefits in the long term.
No Guarantor CCJ Loan FAQs
Is it possible to obtain CCJ loans with no guarantor from a direct lender?
It most certainly is. Many of the lenders we work with fully understand that everyone needs emergency cash from time to time – even if you have a CCJ against your credit. However, you may be charged a higher rate of interest on these loans because of the fact that you are deemed to be a high risk with regards to obtaining credit.
Can these loans be repaid over a longer period of time?
In most cases, loans for smaller amounts will need to be repaid within 1 to 3 months. However, loans for larger amounts (more than £100 or so) can often be repaid over a longer period of time. When completing the application form, you will be asked to select the amount of time you are going to need to repay your loan.
Will I have to fill in a lengthy application form?
No. The one page application form on our website will take less than a few minutes to complete and you must ensure that all required information is provided. Failure to do so will result in delays or even having your application declined.
Will all information be provided to me?
When one of our lenders gets in touch with you to offer you a loan product, they will discuss all of the terms and conditions associated with accepting their proposal. Information regarding the interest rate you will be required to pay during this time as well. If you are not satisfied with the information provided, you are under no obligation to accept the loan.
Will all of my personal information be safe?
Yes. We are fully committed to ensuring that all personal information that is provided is kept safe and secure. None of your information will ever be sold, rented or shared with any unauthorised parties either.
Why do I have to provide my mobile number when applying for a loan?
Several of the lenders we work with will require you to verify that the mobile number you have provided does belong to you before they will consider processing your application.