Bad Credit Tenant Loans: Solve Your Cash Problems Here

By: Baidehi Creeper
An introduction:

Bad credit is an unwilling tag which sticks with you when you have a poor credit score in loan market. You are identified as risk factor and lenders start avoiding you. Worst on this is that when you have no property such as home to keep as collateral. But with the changing time you have option of bad credit tenant loans which are specially framed for tenants who either don't have any home or don't want to risk it. Such tenants can easily avail these loans if they fulfill some prerequisites which are:

a) You must be a U.K. citizen.

b) You must have a paid job.

c) You must be living at your present address from 12 months.

d) You have your own U.K. bank account.

e) You have a credit/store card and make regular payments.

f) You must have a savings account to which you make regular payment.

The loan is sanctioned as soon as you satisfy these criteria. The loan amount varies from ?200 to ?25,000 with an interest rate of 7.9% to 18.3%. The high interest rate is due to your poor credit record and a sense of insecurity in lenders. You must understand the fact that bad credit tenant loans are granted on your current repaying capacity. So you must judge your repaying capacity and need of taking loan very carefully. The interest rate is very high also, so you must be very precautious before choosing a lender and search the market well. The timely repayment is also very necessary if you don't want to increase your interest rate and further degrade your credit score. With timely repayment you can improve your creditability and can have a respectable life and also improve your financial condition.

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