Council Tenant Loans - Improve the Home Through the Money

By: George Kane

Council tenant loans are especially carved out for these people who are living in councils of districts, London borough, and non-charitable housing institutions or in counties. The only eligibility is that such people must be living there for some time as tenants. They should also be in job for past six months at least. They must also be having an active bank account.

These loans are easier to avail than any other unsecured loan. This is because the lender knows that the borrower can own the home, he or she is living in, in the coming days. The lenders feel that the borrower will not default on payments. Therefore the approval is usually given smoothly.

Without providing anything for collateral, you can borrow anywhere from ?1000 to ?25000, under . Its repayment can be made in six months to 15 years, depending on your repayment capability and borrowed amount.

However, due to lack of collateral, these loans carry higher rate of interest. So, you should borrow an amount that you can repay with ease.

As far as bad credit borrowers are concerned, they may be charged interest at enhanced rates. They should apply for these loans after extensively searching internet for suitable deal that has comparatively lower rate.

The loan can be put to any use like home improvements, wedding, paying off old debts, holiday tour, purchasing a car etc. you can use the loan for improving your credit rating, as you repay installments of the loan regularly.

To find a suitable deal, compare interest rates of as many lenders as you can on taking their rate quotes. You should also compare additional charges on the loan. Make sure that you repay the loan on time for avoiding any accumulation of debts.

Home Loans
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