Top 6 UK Direct Lenders Offering Fast CCJ Loan Approvals
Do you struggle to get a loan approved with a CCJ on your credit report? You are not alone. County Court judgements restrict the amount you may get on loan for 6 years. It thus makes you less appealing to the loan providers. It may make borrowing stressful, especially if you need funds urgently.
Unlike brokers, some direct lenders don’t base approvals just on your past financial mistakes. Instead, you may get a CCJ loan with limited barriers and approval rates. Thus, if you have been turned down for a loan elsewhere, the following direct lenders for CCJ loans may be a good check.
What is a CCJ loan?
A CCJ loan is for someone who has a County Court Judgement on their credit report. A creditor issues a court order if the borrower fails to repay the dues and the creditor cannot recover. The amount one gets here remains limited to the standard restriction on the limits. Lenders view individuals with a CCJ as high risk. Thus, one may face stricter terms and interest rates on the loan.
Do you always need a guarantor on a CCJ loan?
No, you don’t always need to provide a guarantor on a CCJ loan. If your income, financial management, and credit score have improved a little, you don’t need to provide a guarantor. Instead, you may get CCJ loans with no guarantor from a direct lender online. It just requires you to reveal your affordability with no recent CCJ in your profile. The amount stays low on such loans due to the risk of default involved. But it may be sufficient to meet your immediate and short-term requirements.
Which Direct Lenders offer Fast CCJ loans in the UK?
Sometimes, you need quick cash to fund your goals. It could be financing an emergency, consolidating debts, and regaining financial control. A CCJ may prove the biggest obstacle here.
However, some CCJ-specialised direct lenders may help you. They focus on your current affordability and credit score. If your finances have improved since the last CCJ, you may get a loan. Here are some common direct lenders offering CCJ loans:
Safemoneyloan
Safemoneyloan has operated as a direct lending firm for many years. One may check it out for any emergency or small cash needs. It offers personalised loan offers for individuals with bad credit scores, especially with CCJs. Affordability is the core aspect that the firm walks by. The experts analyse your affordability by analysing your credit score, income, and financial management.
If you can afford to repay the dues, you may qualify. You can borrow up to £25000 for any of your needs, despite a CCJ. The platform accommodates individuals with low income, unemployment, and bad credit. You may exercise the flexibility of rescheduling payments, paying early, or deferring payments under extreme financial circumstances.
Cockle Finance
Cockle Finance specialises in providing CCJ loans in the UK. The best part about the company is that they provide CCJ loans via doorstep loans. They use online banking to analyse real affordability. The loan provider operates through doorstep (home collection) lending, offering short-term and online loans for emergencies.
This FCA-authorised website is an initiative by family members that prides itself on providing personalised services with flexible repayment options. You may get CCJ loans despite credit challenges and individual circumstances.
Lending Expert
Lending Expert is a direct lender dealing in optimised CCJ loans with no guarantor and low credit score. They analyse your personal and financial circumstances before approving the loan. You get one only if you can afford to repay the dues. In some cases, you may be required to provide a guarantor if you do not meet the eligibility criteria. If you qualify, you may get £50-£30000 for your needs. Moreover, individuals with a home or homeowners don’t need to provide a guarantor to get the loan. You must have a valid bank account to get a CCJ loan.
Fair Finance
New and returning customers may benefit from the instant cash loan facilities. Accordingly, the repayment term may vary from 6-12 months for new customers and up to 18 months for returning ones. It helps you spread the cost of the loan and repay in manageable instalments. To talk about CCJ loans, the firm prioritises current loan affordability. Regardless of credit score, everyone deserves a second chance.
The platform does not charge any early repayment fee or late fee if you miss a payment by 2 days. Thus, your credit score increases immediately. What could be better than getting a chance to rebuild credit history?
Loans2Go
It is the best direct lender in the UK marketplace that deals in providing CCJ loans to individuals. You may have missed a payment and got a CCJ due to low income. However, now your situation has improved.
Thus, you may get a CCJ loan despite a poor credit history. You may get up to £2000 for 18 months. However, the APR on the loan remains as high as 1235%. It may mean you must pay more to repay the dues. Usually, you receive funds within an hour of the application in your bank account.
Quid Market loans
Quid Market Loans are the direct lenders dealing in CCJ-based loans. They undertake each profile according to the case-by-case consultation. You do not need to provide a guarantor and collateral to qualify for one. The platform is especially famous for helping youngsters aged 26-35 years to get quick finance solutions despite CCJs. You may get up to £1500 with a minimum income of £1300 on the platform. Yes, it is possible. However, you may only get one after the personal finance assessment and affordability tests.
Bottom line
Thus, these are some common direct lending firms offering CCJ loans at better interest rates and terms. However, each may differ in its terms and credit assessment policies. Compare the interest and the loan fees with pre-qualification. Choose the one that helps you meet your financial requirements without being affected by CCJs. Also, check the possibilities of building a credit score by seeking flexible terms.