Getting a loan with a CCJ or bad credit history!

Obtaining a loan with a CCJ or bad credit can be tough…

Every adult in the UK has a credit rating (or credit score) that indicates their ability to manage existing credit and repay any further loans. Credit ratings are provided by credit reference agencies – commercial companies who use information about you from various different sources, such as the electoral roll, county courts and financial institutions.

The three main credit reference agencies operating in the UK are Experian, Equifax and Call Credit and these companies sell your credit report to lenders to help them to decide whether to lend you money. If you have a bad credit rating you are likely to find it difficult to get a loan or credit card or mortgage.

Getting a loan with a CCJ or bad credit

If there is a particular issue with repaying money then a lender may commence court proceedings against you which may result in a CCJ being registered against you. A CCJ (County Court Judgement) is a court order that can be issued to enforce the money owed to be repaid. If you have a CCJ this will have a seriously negative effect on your credit rating as it indicates that – for whatever reason – there has been an instance of you not repaying what you have borrowed.

Some options to consider

However, all is not lost. There are various lenders around who will offer fast loans or other credit even if you have a poor credit rating or a CCJ against you. Whilst many mainstream lenders would turn you down purely on the basis of your credit rating, some financial institutions will look at the bigger picture and still consider loans for people with adverse credit provided you can provide credible evidence of your ability to repay the loan.

These more forward-thinking lenders will assess you on a broader range of factors than just your credit score and, as long as they are convinced about the affordability, will provide the small unsecured loan that you need.

If you do succeed in obtaining a poor credit loan or a CCJ loan the main priority must be to manage that credit well and make sure that you do not put a foot wrong in terms of repayments.

If you have been given another chance it is essential to make the most of the opportunity and prove to the financial community that you are credit worthy. Doing this will enable your credit rating to improve and you to be viewed more favourably in future.

How Simple Fast Loans can help

We are proud to be one of those forward-thinking lenders we mentioned above, who treat each case on its merit and will help you if we can – even if you do not meet a stringent set of pre-determined criteria.

As a responsible lender we will not encourage you to get into more debt, but equally we understand that sometimes people need fast loans to enable them to get back on their feet. At Simple Fast Loans we are in the business of offering fast loans to people that need it and can afford to make the repayments.

Please be informed that this publication do not constitute financial advice and are provided for general information purposes only.