Debt Consolidation Loan for Tenant - No Home, But No Debts Too

By: Jennifer Morva

A brief introduction

Now a day it is becomes very difficult to cope up with ever increasing expenditure. We may find certain situation where we fall in the financial crisis regardless of all your efforts. This may result in to piling up of various unpaid bills. And soon you will find yourself trapped in multiple debts. And these conditions become even worst when one does not have any property to take loan against it. When you have a pile up of debts, you must start making extra efforts towards clearing it. One such effort is to take financial help from debt consolidation loan for tenant. A tenant or one who lives in rented accommodation and who requires a tenant loan will not have a home to offer as security. Yet he can procure the amount in form of tenant loans which doesn't require any collateral against the loan.

Figure and interest

You can avail an amount varying from ?500 to ?25000. Having a good credit history will help you obtain higher amount. You can also avail a good amount by convincing the lenders about your repayments. As the lenders are exposed to high risk of return, so the interest rate is generally little bit higher. The interest rate lies somewhere between 7.7% APR to 18.3%. The repayment time generally lies between 3 to 25 years which can be given by monthly installment.

Eligibility and availability

The basic eligibility for this loan is that your age should be above 18, having U.K. citizenship and you don't have any house. You should be in salaried employment presently when you are going for the loan. You must have resided at your current address for over 12 month and have your personal bank account in U.K. you should have also saving account to which you make regular payments. However this eligibility varies from lender to lender.

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