Homeowner loans are secured against your property. This means your home may be at risk if you fall behind with your payments. We are a broker and we arrange secured loans from a panel of lenders. We receive commission upon completion. Fees may be payable depending on your choice of financial product. The rate you're offered and the fees will depend on your circumstances and will be discussed prior to you proceeding with your loan. 11.0% APRC Representative.
Personal loans are unsecured. Ocean Finance is a trading style of Intelligent Lending Limited. We are a credit broker working with a panel of lenders to find you a personal loan. We receive commission upon completion. A Broker Fee is not payable. 59.9% APR Representative (fixed).
Getting accepted for a loan when you have a CCJ can be tricky, but it is still possible. There are lenders and brokers (like us) who can help find loans for people with CCJs.
Lenders view CCJs as a red flag. If you have unpaid debt, it shows that you've not managed money well in the past. And that means you are less likely to be considered for future borrowing.
Before you consider taking out a CCJ loan, you should ask yourself whether you (a) really need it and (b) can afford to repay it.
See if you're eligible in four simple steps - without affecting your credit score.
We’ll let you know if you’re eligible for a loan on the spot. If you are eligible, it's a case of choosing a deal that's suitable for you and finalising your application - the exact steps will vary depending on whether you apply for a secured or unsecured loan.
No matter which type of loan you choose, a full credit check will be completed when you apply. If you have bad credit, a CCJ, or any other serious money problems, you could be offered a higher rate of interest than you would with traditional loans. Affordability checks will also be carried out, which may require you to provide proof of income (e.g., payslips or bank statements).
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There are many things you can do to improve your credit score and increase your chances of being approved for a loan, like:
You can learn more about Ocean on our about us page.
Taking out a loan of any kind can temporarily lower your credit score, as a hard credit check will be recorded on your credit report when you apply.
It’s worth remembering that:
To keep your credit score on an upwards trend, you can:
After the initial dip, a CCJ loan could help to improve your credit score, as long as you make all your monthly repayments on time and in full.
It depends on which type of CCJ loan you apply for. Here at Ocean, you could borrow between £1,000 and £15,000 with a personal CCJ loan and £10,000 and £500,000 with a secured CCJ loan.
One thing to bear in mind when applying for a CCJ loan is that the interest rate you’re offered is likely to be higher whichever type you go for – this is because the best interest rates tend to be available only to people with the best credit histories.
Steep interest rates reflect the level of risk lenders are taking by accepting someone with a bad credit history.
Homeowner loans are secured against your property. This means your home may be at risk if you fall behind with your secured loan or mortgage repayments.
Remember, if you consolidate your existing borrowing, you may be extending the term and increasing the amount you repay in total.
