Getting loan with bad credit and no guarantor in the UK from the regular financial institutions is an uphill task with high possibility of falling back to the start up point after hectic follow ups for the days. The numbers of direct lenders offer bad credit loans structured to meet out the urgent cash needs of borrowers but if you have very bad credit history or CCJ, you are left with just the few filtered options. Just a few top private financial agencies dare to operate as loans for bad credit with no guarantor and no broker by direct lender because of high risk of non- repayment.
What are The Very Bad Credit Loans or CCJ Loans?
No doubt poor credit score puts tremendous pressure on the borrowers with mix feeling of hesitations for applying for the new loan with the existence of unpaid loans. Bad credit ranking defines the failure for not repaying the loan amount on the time irrespective to reasons. There are three slabs of poor credit score - excellent, good and poor. The new term ‘very bad credit’ started surfacing in the trade circles after the global economic crisis because the large numbers of people could not recover from the left foot prints. The people having credit score lower than 500 are considered the very bad credit score applicants.
What is ‘CCJ’ that you often come across the advertisements of private financial agencies? You get county court judgment (CCJ) if the lender agency or person, initiates court action against you for not paying your debt. CCJs are kept recorded for 6 years unless the borrower pays full amount within one month; CCJ makes it tough to get any cash loan help even from the private financial agency.
Are You an Ideal Applicant For Very Bad Credit Loans No Guarantor Direct Lender?
The leading direct lenders dealing in no guarantor bad credit loans follow the borrower’s centric broad minded approach; therefore, the most of applicants succeed to get the quick cash help. What are the parameters that make you ideal candidate for loaning?
The private financial agencies too are concerned with the return of loan amount. How can these be sure of getting the repayment on the time? These agencies analyse the credit history of applicant. The valid reasons for having the very bad credit score go in the borrower’s favor. The loan amount is second parameter for judging the suitability of borrower. Smaller is the amount you need, lesser is the risk involved in sanctioning the loan. The small amount loan applications have higher success rate. Therefore, you are a good candidate for very bad credit loans no guarantor loan if you apply for a small cash loan. The longer repayment period reduces the monthly installation amount; therefore, it is easier to follow the repayment schedule; and, the lending companies also trust yours paying capacity more. If you are an employee or own a smooth running business, then too, the impact of very bad credit score over your candidature for borrowing the fresh loan becomes less.
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