Is There Such a Thing as a CCJ Loans?
As we have highlighted on a few occasions in the past like here, a loan is a loan is a loan.
With the exception of secured and unsecured loans the only difference between one loan and another is the rate, the amount and the length of the loan. Therefore the short answer to the question ‘is there such a thing as a CCJ Loan’ is a brief and succinct no.
For the pedants among us there is another difference between loans and that’s whether or not they’re backed by a guarantor. That takes us off down a different track and we’re here to focus on whether or not things like CCJ Loans really exist.
So now we know that there’s not really a product called a CCJ Loan what do you do if you have bad credit or a CCJ registered against you? Badger Loans to the rescue! We have a number of bad credit specialists on our lending panel and they’re waiting to run their eye over your application form with a view to lending you your required amount.
You can apply for up to £25,000 below by pressing the Apply Now button at the top of the post.
Bad Credit Loans
We have a section on the site for Bad Credit Loans and within that section is pretty much all the information you should need. It will help to guide you through the process of applying for loans when you have either a County Court Judgement registered against your name or if you just have plain ‘bad credit’. For more info on the legalities of CCJs click here to find out more.
You could have this for not paying a few bills or missing one or two payments on a credit card or similar.
The important thing to remember here is to ignore all the marketing fluff you’ll get thrown your way. Stick to focusing on the rate, the term and the amount.
If you’ve got bad credit then you’ll most likely just have to suffer whatever rate the lender wants to charge you. They will charge you more than someone with good credit. That’s because they’ll be a touch more nervous about getting their money repaid. Particularly from someone with a history of not paying. Especially compared to someone who pays on time every month like a machine. It’s just the way it is.
One benefit of clicking on ads for CCJ Loans or Bad Credit Loans are the companies you deal with. They will have all allowed for some element of bad credit or previous defaults within their lending models. This means you will have a far better chance of getting accepted. Especially than from the High Street lenders. Specifically from someone advertising the lowest rates for unsecured loan customers. Even more specifically for ‘good credit customers’.
97% Accepted?
One more thing to note while we’re discussing products that don’t really exist and that’s the proliferation of adverts stating ‘97% of customers accepted’ . Always read the small print!
In the online lending world, 1 in 100 applications gets a loan at the end of the process. Yes, that’s right, 1 in 100. Or 1% if you like. That’s a whole world away from 97% accepted eh?
How do they do that and why can’t we? That’s because if you read the small print it has to be there somewhere. You will find that 97% of their applicants for a loan will be offered a financial product. Which is not necessarily an unsecured personal loan.
It will more likely be a credit repair product for which you will pay a monthly fee. If you have bad credit or a CCJ against your name they’re worth taking a look at.
Do they work? Yes, sometimes. However, nothing works as well as paying your debts on time. If there’s trouble, for instance, tell your lender. And make it as soon as there’s a problem so it doesn’t have to impact your credit file.
Have bad credit or a CCJ registered against your name? We have lenders on our panel who might help.
