CCJ loans are available in the lending market but as you know how stressful is the CCJ condition, some rules are necessary to follow. They are basically the gatekeepers that let you go only if you convince them about a certain thing.
Here are a few gatekeeping factors that demand you to have certain circumstances in your finances to get approval. Shall we start?
Repayment capacity should be reliable
Every lender wants the repayments on time and for that, you need to have a satisfying financial situation. Your current income or any possible source of earning comes in picture here to ensure the lender that you can pay the instalments. Without this, it is not possible to get an approval.
Try to do everything to show that you can afford to pay back the loan. Current income status, extra source of earning or any other regular earning for instance rental income, anything can work.
Number of credit check on your credit records
The lenders never like an applicant with many search footprints. This tells that you should not apply to too many lenders at the same time. All the lenders do credit check on your financial records, which leaves a footprint. More or many footprints show you as credit hungry and also extremely weak in financial situations.
This also affects the loan amount that you apply for. No one can dare to give more than a ‘little’ amount to a person who is so desperate to have funds. It is better to not to go to many lenders. Most of the people think that it is the safe way to apply to several lending companies, if one rejects the application at least the other will approve. Such people are not aware of the impact of search footprint.
Scrutiny of recent financial behaviour
The lending companies always want to know if you are really showing intentions to pay the debts on time. Your recent or in fact current financial behaviour is scrutinised closely by the lenders. They want to know if you are a genuine victim of the circumstances or you are irresponsible by nature.
Obviously, the latter impression on the lending company is not good to leave. Do something to play safe. You know what, if you succeed to show the right intention it can really be possible to get the CCJ loans with no guarantor by direct lender. More promising you look in your efforts for improvement more inclined are the lenders to approve you the loan.
Your pace and strategy to tackle the CCJ
The lender always wants to know what are you doing to remove the embarrassing mark of CCJ from your financial records. The most important solution is to pay off all the debts within one month after your receive the judgement and get the CCJ mark removed forever. If you are planning or doing any such thing, definitely your chances are bright.
However, if you are not in a situation to pay off the debts then some other plan is important to have. In no case, the lender should get the feel that you are so much hopeless that you are not ready to give even a genuine try.
Try to play safe and you can literally get the loan approval decision in your favour. The lending companies are not doing anything wrong if they put rules in your way. It is in fact necessary for them to ensure their safety but at the same time filter the negativities from your finances. To get approval in CCJ loans you try hard to make improvements in your finances and that brings a betterment in your own situation. Isn’t it a good thing? Yes, it is CERTAINLY