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.
Things to consider when applying CCJ No Guarantor Loan
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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