Do you have a CCJ? Or bad credit? Read on!
Even with bad credit, loans could still be an option with us!
Many people have faced struggles with creditors and it can be very easy for them to slip into debt and gain a bad credit rating. This adversely affects their ability to obtain loans in the UK. The reason for this is that every adult in the UK has a credit rating (or credit score) that gives an indication of their ability to manage existing credit and repay any further loans.
Credit ratings are provided by one of three credit reference agencies – Experian, Equifax and Call Credit. They are commercial organisations who gather data about you from various different sources, such as the electoral roll, county courts and financial institutions. This data is then compiled into a report which lenders are able to purchase to help them to decide whether or not to lend you money. People with bad credit ratings are likely to find it difficult to get loans in the UK.
If there is a particular issue with repaying money then a lender may commence court proceedings against you which may result in a CCJ (County Court Judgement) being registered against you. A CCJ is a court order that can be issued to enforce repayment of the money owed. If you have a CCJ this will have a seriously negative effect on your credit rating because it indicates that there has been an instance of you not repaying what you have borrowed.
Some options to consider
However, even if you do have bad credit or a CCJ all is not lost. There are various lenders around who will offer loans even if you have a poor credit rating in the UK or a CCJ against you. These forward-thinking lenders will assess you on a broader range of factors than just your credit score and, as long as you can afford the repayments, will provide the loan that you need.
If, despite bad credit you succeed in obtaining a loan then your main priority must be to manage that new credit well and make sure that you do not put a foot wrong in terms of repayments. Make the most of this opportunity to prove to the financial community that you are creditworthy. By doing this your credit rating will improve and will cause you to be viewed more favourably in future.
How Logbook Loans could help
We are proud to count ourselves as a forward-thinking lender such as those mentioned above. We treat each individual case on its merit and will help you if we can – even if you do not meet a rigid set of predetermined criteria.
As a responsible lender Logbook Loans will not encourage you to get into more debt than you are able to cope with, but we do understand that sometimes people need an injection of cash to enable them to organise their finances and get back on their feet again.
At Logbook Loans we also have a fantastic free tool to help you work out just how much you can afford to borrow and for how long. For more information, or to try the tool for yourself head over to our logbook loans calculator!
Please be informed that this publication do not constitute financial advice and are provided for general information purposes only.