Loans for People with CCJs and Bad Credit with No Fees

If you're worried about applying for a loan because you have a bad credit score then don't worry. A selected few lenders (listed at the bottom) may be willing to lend you money, some on a secured and unsecured basis. Loans for people with CCJs and bad credit with no fees have relaxed credit scoring rules but may require additional security, such as a guarantor.


Credit Scoring

A lender's decision is based on "credit scoring", which is why loans for people with CCJs and bad credit with no additional fees are far and few. The credit scoring system allows a lender to judge your probability to pay a loan back, scoring you as either "high risk" or "low risk". CCJs aren't the result of a few missed payments and are considered higher risk to lenders, especially if you have a lot of them. If you have a bad credit score you're likely to be turned down by lenders who have the best rates, but most lenders will tell you beforehand what kind of credit scoring is required.


The Rejection Spiral

You might find yourself applying for multiple lenders in the hopes someone will take your application along with all the CCJs and bad credit. This is the worst thing you can do to secure finance; applying for too many lenders at once, and receiving a mass of rejections, will hurt your credit history and leave you stuck for around 6 months. This looks worse than CCJs in most cases because it seems to a lender you're "desperate" for money in a way, so your best chance is to only apply to lenders who offer loans to people with CCJs and bad credit with no fees rather than lender whose requirements you don't meet.


Secured Loans

Some secured loans might still be available to you if you have CCJs or a bad credit history. But be very careful with these loans; a credit scoring isn't just to protect the lender from losing money, it's to protect you. If you've had bad luck in the finance department before and aren't sure whether you can realistically pay back the loan, don't opt for a secured loan. Your home can be seized if you don't keep up with repayments.



Some lenders may offer loans to people with CCJs and bad credit with no fees or offer alternative finance solution. Here's a short list of a few good providers:

FLM Loans (http://www.flmloans.co.uk/)

Provident Personal Credit (http://www.providentpersonalcredit.com/)

Norton Finance (https://www.nortonfinance.co.uk)

Freedom Finance (https://www.freedomfinance.co.uk/)

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