Poor Credit Tenant Loans - Without Worrying Over Collateral

By: George Kane

A blemished history of making payments is surely a big hurdle in taking out a new loan. This is because of the risks associated in making a deal with such people. Hence, they have little options than to find out , which are carved out especially for all types of tenants including those living in council houses and with parents. Still, these loans require you to meet specific conditions as well.

There are no risks involved for the borrowers in taking out the loan in the range of ?3000 to ?25000 for any purpose like paying off old loans, debt-consolidation, purchasing a car, going to a holiday tour etc. The lenders do not take any property for collateral, making these loans ideal for the tenants. These loans take into their fold all the borrowers, who have late payments, defaults, arrears and CCJs mentioned in their credit report.

However, the approval will come only when you have proved your repayment capability through documents of employment, earnings and past records of your bank statements along with prove of residence.

A little disadvantage is that poor credit tenant loans are known for a bit higher interest rate because of smaller amount. The repayment can be made in few months to 15 years as is your repayment capability. However, the rate is generally fixed, implying that the payments will remain the same for all the installments.

There are plenty of offers of poor credit tenant loans on internet. It is prudent to first ask for the lenders' rate quotes. You should settle for an offer that has competitive rate of interest and that comes at fewer extra fee charges. Not only that, you must ensure that the repayment is made without missing any installments in order to make good improvements in your rating.

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