Council Tenant Loans - Find Financial Support

By: George Kane

People, who are living in councils of districts, London borough, counties or in non charitable housing institutions, can find for variety of purposes. If they take out the loans carefully, then these loans can help them in many ways. These people live in the rented homes, but they can own the same place in the coming years.

Clearly, the loan amount can be used for home improvements, besides host of purposes like paying off debts, purchasing a car, holiday tour and so on.

Despite living in a home, which they are likely to own, they do not have the home against their name. Hence, council tenant loans are offered without taking collateral. However, the very fact that the borrowers can own the home in the coming days makes the loan approval a lot easier as compared to other unsecured loans. Still, these loans are preferably given to the people who are currently employed for at least six months. Another condition is that such people must be living in the current residence for last three months at least. They should also be holding an active bank account.

Under these loans, you can borrow ?1000 to ?25000, for a short period of few weeks to 15 years, as suits to your repayment capability. Your monthly income, bank statements and overall financial position is assessed for determining the amount of loan.

These loans can be availed with a bad credit history of late payments, arrears etc, if the borrower is capable of returning the loan on time. They can make improvements in their credit rating on repaying the loan in timely manner.

Interest rate on council tenant loans is kept on higher side, as the lenders need to cover for the risks. Hence, apply for the rate quotes and compare the offers. This way, you can find a suitable deal for your circumstances.

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