If you consider applying for a CCJ loan, you may know that lenders will offer it to you even if your credit history shows that there was a Country Court Judgment against you. You may be considered a risky borrower by many lenders, but being approved for such a loan is still possible. In general, a County Court Judgement will be issued to borrowers who fail to pay back their loans or persons who fail to pay their bills. The party who expects payment goes to court with the aim to enforce the payment. A Country Court Judgment will stay on the public record for a period of 6 years starting from the date of judgment.
As to whether you should consider applying, you should know that CCJ loans are offered with higher interest rates. The reason is your compromised credit rating. The higher the perceived risk, the higher the offered interest rate will be. Obviously, a County Court Judgment affects your credit score, and lending companies and banks will be unwilling to lend you money. This is the main reason why a number of CCJ companies have made appearance over the past couple of years. These companies will take the risk and approve your application.
CCJ loans can be used for different purposes if you already decided to apply for a loan. You can use the loaned amount for debt consolidation or for other needs. Among these are buying a car, going on a holiday, education, home improvement, wedding, sprucing up your business, and more. You can also apply for a secured CCJ loan and offer collateral, which will allow you to take a flexible and cheaper loan. The terms of secured CCJ loans range from five to twenty five years. Depending on the lender, unsecured loans may come with a term between one and ten years. Some companies allow clients to apply online, promising a quick and easy application process, which is free of cost. So, applicants have access to their loan offers immediately. In general, most such companies advertise no extra fees, even if the borrower misses a payment, as well as no credit check prior to approval. Lenders also advertise affordable and small weekly payments and cash delivered literally to your doorstep. In addition, applicants for a CCJ loan do not need to have a bank account.
In addition, borrowers may use a CCJ loan to consolidate a variety of debts, including store cards, credit cards, overdrafts, and other unsecured debts. This leaves extra cash by reducing the outgoings at the end of every month. Finally, when you apply with a CCJ lender, be sure to present all documents related to you paying the County Court Judgement. One document is the Certificate of Satisfaction, and it will help you obtain a lower rate of interest. Also, check whether all details included in this document are correct. In case they are not, you may want to have them corrected and then apply for a CCJ loan.
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