To be in receipt of an unsecured loan would normally depend on your credit history. Loan companies will carry out extensive checks going back for long periods. This is because you would not have a property to pledge against the loan should you be unable to make the repayments.
A good clean credit history is vital. Checks will be made into your past credit history going back many years and although CCJs may not stop you receiving a loan it may mean that you would have to approach a more specialist lender and accept a higher interest rate.
Although the borrower may not lose their house if they don't repay the loan, it is not uncommon for loan companies to begin court proceedings. Some loan companies have been known to deal with defaulters in an aggressive manner in order to reclaim any outstanding monies.
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