Tenant Loans - Evade Collateral Hurdle

By: Ray Bretly
Tenant loans are carved out for all types of tenants or non-homeowners including those living with parents. As such people do not usually own a valued property in their name; these are ideal loans for them, as no security offer is to be made to the lenders. However, you need to ascertain some conditions in order to find out a suitable deal.

You can borrow anywhere from ?1000 to ?25000 depending on your requirement for a purpose. The amount can be used for paying off a small bill, tuition fees, clearing old debts from your name, purchasing a car, going to a tour on holiday etc. All these purposes are fulfilled through borrowing the amount without pledging any property for collateral.

Repayment of ranges from six months to 15 years, in keeping the amount you have borrowed and the capability you possess to repay easily. However, while borrowing an amount and deciding on its repayment, know that you will be charged interest at higher rates, which is a factor in fixing your monthly outgoing towards the installments. At the same time, the rate is usually fixed, meaning that you can preplan the loan, keeping the monthly outgoings in mind.

As far as bad credit borrowers problems in taking out these loans is concerned, usually they are offered it at enhanced rate of interest and they should be prepared for it. The rate will also depend on the degree of risks you carry. But the loan may be worth taking if you can repay it on time as your credit rating will improve in the coming years.

Ensure that you have copies of your credit report in hands for correcting any misrepresentation about you past payments towards old debts. To find tenant loans at competitive rates, apply to online lenders and first improve your credit rating to some extent if it has plunged. Repay the loan in timely manner.

Tenant Loans
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 
 • 

» More on Tenant Loans