Tenant Loans: to Provide Monetary Help to Non-asset Holders

by : Anton Gabriel

In the present day society, a major percentage is constituted by tenants. They have equal needs as the homeowners but they lack on a very important criteria of assets. Tenants do not have assets to pledge for money. So to facilitate the availability of money to such borrowers, tenant loans have been designed.

are short term unsecured loans that are provided to tenants without demanding any collateral for the loan. Various tenants like house association tenants, council tenants or private tenants can take up tenant loans. Even the adults who are living in their parents' house can take up tenant loans. To qualify for tenant loans, tenants have to show proof of regular residence at the same place since last 6 months at least.

Through tenant loans, an amount in the range ?1000-?25000 can be borrowed by the tenant. This amount can be used by the tenant for fulfilling any purposes like debt consolidation, home improvement, car purchase, educational funding etc. this amount has to be repaid by the borrower in a term of 6 months to 10 years.

The rate of interest for tenant loans is slightly higher than the secured loans due to non-attachment of any collateral. The rate can certainly be lowered by conducting a research for deal offers. However the borrower is suggested to repay the loan as soon as possible so that he is able to save interest money of the loan.

Bad credit tenants can also borrow tenant loans to fulfill his requirement of money. Though the rate of interest is higher due to risk in repayment, the borrower can avail affordable rates by proper research for a lender who is ready to offer a lower rate of interest.

Online research and comparison of loan quotes that are sent to borrower by numerous lenders helps a lot. By comparing all the pros and cons of a deal, the borrower can choose the most suitable deal of tenant loans.

Tenant loans not only solve the problems of tenants but also provide support for building assets like home, car etc.