Tenant Loans: Ideal for Tenants and Non Homeowners

By: George Kane
The introduction of has provided a new lease of life for the tenants, who in particular had a tough time obtaining finances due to their inability to pledge any asset. But with these loans, tenants get the desired finances without the need of pledging any collateral. By opting for these loans, the tenants in particular can now enjoy their financial freedom.

These loans are quite similar to unsecured loans and are bereft of any collateral pledging. The amount obtained under these loans can be used to meet personal or profession needs like purchasing a car, meeting expenses on education, wedding, paying for a vacation, consolidating debts, starting business and so on. As the loans are unsecured in nature, the task of evaluating the collateral value does not take place and results in its quick approval.

Through these loans, borrower can derive any amount that varies in the range of ?1000-?25000, for a short repayment term of 6 months- 10 years. The amount approved under these loans is based on a number of factors such as borrower's income, bank balance and repaying capability. Being unsecured in nature and no collateral to bank upon, lenders has no other option but to levy a high rate of interest to marginalize the risk factor. But due to the intense rivalry among the lenders, the interest rates are slashed to attract maximum borrowers.

Tenants with a history of bad credit such as CCJs, IVA, arrears, defaults, non repayment etc are also eligible for the loans. Although the loans will be approved with a high rate of interest, ensuring timely repayment of the borrowed amount will help the borrower to mend the credit score.

The borrowers can source these loans either from traditional lenders or from lenders based in the online market. However, availing these loans through the online mode has some distinct advantages. It is considered to be fast and reliable and involves less amount of paper work.

Tenants loans are a boon for the borrowers as it enablers them to meet their personal demands, without the need of pledging any asset as collateral.

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