Solution to Tenant Financial Problems

By: Karen Wardman

To meet the financial implications in life anyone can find himself in demand of a loan. If you have a home you can very easily obtain a loan. Problem arises for the tenants who generally don't have their own house. At this time unsecured tenant loan comes as a savoir. This is an unsecured loan which is specially designed for tenants. This loan is easy to get and also the processing time it takes is very less.

Features and uses of loan

Tenant can use this loan for various purposes like purchasing a brand new car or bike, going for an exotic holiday, consolidating debt, buying a new flat or apartment, expenses in your dear ones wedding, etc. As stated earlier this loan comes under category of unsecured loan, so you need not have to put anything as collateral here. But as lender is at higher risk, the rate of interest is slightly high also the repayment period is shorter. You can get an amount varying from?500 to ?25000.Having a good credit history will help you obtain higher amount. The interest rate lies somewhere between 7.7% APR to 18.3%.Being informed and good groundwork like visiting various lenders will definitely help you in negotiations.

Eligibility for loan and applying procedure for loan

Any type of tenant can apply for this kind of loan. You may be Council tenants, Private tenants, housing association tenants, or even tenants living with parents. In order to get loan you must also fulfil these criteria: you should be in salaried employment presently when yon you go for obtaining loan, You must have resided at your current address for over 12 months, You should have your personal U.K. bank account, having a credit/store card, You have a savings account to which you make regular payments. You can apply for this kind of loan to traditional money lenders or bank, or else you can apply online. Applying online saves your time also it takes less processing time. So just fill some simple forms and you have applied for loan.

Beside this one things must be kept in mind is that prior research about various lenders help in choosing best deal. With judicious expenditure of the amount and a properly scheduled repayment you will surely come out as a winner.

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