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CCJ Loans and Bad Credit loans
CCJ loans are specifically for people that have had a County Court Judgement in the past, and whilst this remains on your credit file for 6 years, there are options available to help you get the finance you need.
If you are employed, earning a regular income and paying back other forms of credit on time, there is no reason why you cannot get a CCJ loan with a direct lender in the UK.
Knight Finance is able to provide CCJ Loans and take a view on customers with bad credit histories. We understand that emergencies can arise and your personal circumstances can change, and this can cause a few missed repayments. However, if you have a willingness to repay your loan on time, we can help you get the funds you are looking for.
Customers can borrow £100 to £5,000 repaid over 3 to 24 months and you can get an instant decision in less than 5 minutes when you apply online through our website.
What is a CCJ Loan?
A CCJ (County Court Judgement) can happen if you owe a company money and they have been unable to recover their funds, despite trying to get hold of you a number of times over a very long period.
By taking out a court order, you are required to face the company in public court and acknowledge your outstanding debt – and this will leave a mark on your credit file known as a CCJ.
For many potential lenders, they will take caution when a borrower has a CCJ because they fear that the customer is a high risk and may not pay their loan on time.
The CCJ stays on the customer’s account for 6 years and it is ‘satisfied’ when it has been paid off, or it will remain ‘unsatisfied’ whilst the debt is still outstanding.
So when people are looking for CCJ loans, it is because they have a CCJ on their credit file but would still like to borrow money for things like emergencies, to start a business or buy a car.
Can I Get a CCJ Loan?
Yes, you can get a CCJ loan with a mainstream lender if you have satisfied your debt, are currently employed and paying off other debts on time too. Or equally, the 6 years has passed and the CCJ has been removed from your credit file.
Your credit score is always subject to go up or down based on your ability to pay back loans, so if you have taken time to build up your credit score again, you can apply for a CCJ loan and get the money you need.
If you still have a bad credit score and a CCJ on your credit file, there are other types of loans that you can apply for including:
This is where a professional representative from a loans company will come to your residence (or come to your doorstep) and give you a loan, and also come back every week or month for the repayments. This is a very common form of borrowing money which dates back to the middle ages. It provides the lender with a bit more security as people are more inclined to pay back a loan in person and the lender knows their location. See more information about cash loans to your door.
This is where you borrow money by having an extra person you know to act as your ‘guarantor’ and they agree to cover payments if you cannot make them. Your credit score is less important here when applying, hence guarantor lenders are willing to offer loans for people with CCJs. To be approved, the guarantor should have a stable employment, income and a good credit history, since this gives the lender security that the payments will likely be covered if the circumstances prevail.
Secured loans allow you to use some form of valuable asset as security in order to be approved for a loan. This is usually a vehicle (car, bike, van) or property (flat or home), but can also be art, jewellery, watches and anything of value. You can get access to finance even with bad credit or a CCJ because you are leveraging the value of your prized item. However, if you fail to pay back your loan, your valuable asset or a portion of it will be repossessed by the lender to cover the cost of the outstanding loan.
Can I Be Approved for Payday Loans with CCJs?
If you apply for payday loans with a CCJ, the criteria can often be a bit stricter. Payday lenders require you to have a medium to strong credit history in order to be accepted – and this may be tricky if you have had a recent CCJ.
However, if the CCJ is satisfied, you are currently paying off other loans on time and have a stable income, you could be eligible for payday loans.
Can I Apply for CCJ Loans with No Guarantor Required?
Yes, there are CCJ loans available without a guarantor, however, you will need to demonstrate recent repayments for other types of loans or credit cards and also show that you have a stable income and employment.
How Does It Work at Knight Finance?
At Knight Finance, we are committed to helping people with all backgrounds to find the right loan for them. We have spent years building relationships with some of the UK’s most established lenders and our loans engine is able to match up your application with lender most likely to accept it, even if you have a CCJ or poor credit history.
Using Knight Finance to get a loan is completely free of charge and your information will not be passed onto any other companies without your permission.
To get started, simply click on apply now and you can complete an application in under 5 minutes. You will receive an instant decision on the screen and if successful, funds can be available 1 hour, 24 hours or 48 hours.
In England and Wales, County Court judgments are legal decisions handed down by the County Court. Judgments for monetary sums are entered on the statutory Register of Judgments, Orders and Fines, which is checked by credit reference agencies to assess the credit-worthiness of individuals.
To read more, visit our CCJ information page here.