Tenant Loan: Helps you to Secure your Finances

By: Turk Malloy

A is an unsecured loan. The loan is granted to those that do not own their own property. This loan is always unsecured because in most cases, if you are renting your accommodation, you do not have an asset against which you can secure your loan. Whether you are a council or housing association tenant, rent a private property or live with your parents, you can get the loan. There are several commercial companies, banks, building societies and high street lenders willing to give you such loans.

Instead, lenders rely solely on the ability of personal financial details to meet your loan borrowing repayments. The amount you are able to secure can start from as little as ?5000 and goes up to ?25,000. This amount you will have to repay within a very short repayment period. The repayment period of the loan varies in between six months-10 years. With the raised amount, you fulfil your range of demands. It can be anything from a luxury holiday, a new car, wedding expenses, home improvement or above all debt consolidation etc.

There are a number of factors, including interest rates and repayment amount that you should consider before you make a loan deal. The borrower should look carefully at his/her budget before searching for a credit to determine how much is feasible to repay monthly. The borrower should realise that he/she generally will pay higher interest rates than desired, but you may be able to refinance the loan in the future to get more favorable terms. You should also take the pay off time into account when choosing a loan. A longer payoff period usually means more is paid in interest but with a lesser monthly payment.

There are several lenders available online and offline, shop around before you sign a deal. Your shopping can bring you at a verge of good saving at last.

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