Smoothen Your Financial Journey With Loans for Non Homeowners

By: Steve c clark

Life is not a smooth race if we talk in monetary contexts. It is human nature to dream about various things but sometimes your pocket does not allow to realize them. Problems aggravate when you are not having even your own home to fall back upon. The lenders then feel a bit of risk to lend you. In such circumstances non homeowners loans prove to be the savior in disguise for you.


Non homeowner loans are loans meant for people who do not own a home or real estate. Since borrowers don't offer their homes as security to the lenders they can be categorized as a type of unsecured personal loan provided the borrowers don't offer any other asset as collateral.


Advantages:


In case of a homeowner loan the borrower might lose his/her home if he/she doesn't repay the loan. This risk is not there in case of a non homeowner loans. So in case of a non homeowner loan the borrower has nothing to lose. However the lender can sue the borrower in case of a default in repayment. Moreover, the online procedure makes them very easy and quick to access.


Conditions that the borrower may have to fulfill:


- He/she must be in full time employment.

- The bank account linked to the loan account must have a direct debit facility

- Must produce the proofs of identification and residence.

- Must have a home telephone connection; if it's a mobile, a copy of the agreement must be produced.


A non homeowner loan is available for amounts ranging from ?500 to ?25,000. The chargeable interest rates vary from 9%APR and the repayment span is of 5-10 years. But you may avail a lot of flexibilities if you stick to timely repayment.


Utilizing the loans for non homeowners:


The non homeowner loan can be used for a variety of purposes. There is no limit on what use these loans can be put to. A borrower can use these loans for consolidating debts, purchasing cars, weddings, gifts etc. but the loan amount is slightly lower under non homeowner loans as these are unsecured loans.

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