This world of competition has been of good in a number of ways and availability of tenant loans is one of them. In the past it was really tough to find a loan if you were a non home owner. At present there are a number of lenders offering loans to tenants and the money can be used for various purposes.
Eligibility of a loan
To qualify for a tenant loan or a non-homeowner loan one needs to fulfill following requirements:
You must have a regular employment or some sort of regular income source.
You should have the citizenship of UK.
You should have been living at your present resident for at least 12 months.
Your credit score must be decent.
However, tenant loans are available even for people suffering from poor credit situation.
Amount and interest rate
For higher amounts, lender will look for a good credit score. Loan amount can be increased by proper negotiations and with proper survey of various options available. Interest rate is comparatively higher as the loan is generally unsecured in nature. Interest rate will range over 47% APR to 2544% APR. The typical rate is 9% APR .Again with good credit score it can be brought down with good credit score. Another way to bring down the interest rate is to offer something other than house as collateral.
Repayment and availability
It can be a really bad situation to be a tenant and get into bad credit condition. So, one must plan out the repayment of tenant loan considering the monthly expenses and income from all sources. With regular repayment it is possible to improve the credit score which can help the tenants to procure a loan at cheaper rate in future.
Tenant loans are available with a lot of ease and one can avail them either by visiting the lender personally or by making use of internet. However, later option will be a better one as you get the chance to look and compare the terms of different lenders.
If you are a tenant or a non homeowner then that does not mean that you will be deprived of loan. Tenant loan with considerably good amount can help you to get through the financial impositions. Loan amount can be used for debt consolidation, educational purpose or functions like marriage, or for buying house etc.
Debt Consolidation Loan for Tenant: Not Having Your Own Home Won’t Prick You Now
Are you in a situation of debt flood? Have your debts accumulated to give you nightmarish sleeps? Are you unable to fetch more funds from the market because you are a tenant? Are you willing to consolidate all your debts to get rid of the regular calls and contacts of a number of lenders? The debt consolidation loan for tenant are the best and the most reliable option for you in these circumstances.
This type of loan is specially designed for the tenants to consolidate all the numerous debts into a single loan. Thus you get rid of a number of lenders and get a chance to deal with a single lender. This loan is available in secured and unsecured form and you are free to apply for it irrespective of your credit rating. For larger amount you have to opt for the secured loan under which you have to offer some valuable asset to secure the loan amount. For unsecured type no security is required.
The amount and interest rates
Debt consolidation loan for tenant offers you an amount of £400 to £5000 at a varying interest rate of 9% to 13.5% APR. You have to repay the amount back in 5 to 10 years depending upon the amount and your repayment ability. But you can enjoy some flexibility if you stick to the regular schedule of repayment.
Where and how can you get this loan
These loans are available online nowadays. A number of lenders are available on the World Wide Web offering attractive terms and conditions. You may easily compare them and select the best suitable as per your requirements.
Once you have selected the lender concerned with debt consolidation loan for tenant you have to fill up an online application form giving the details of your debt burden and financial status. If you are placing the collateral you have to place the papers regarding its ownership. The lender now assesses your repayment capacity and approves the loan amount accordingly. The funds are instantly transferred to your bank account and you are free to consolidate your debts now.
Briefly, if you are a tenant and you have borrowed debts from various resources and now you are now unable to pay the instalments in time you are free to apply for the debt consolidation loan for tenant. Just browse the internet a few minutes and get the most viable solutions glittering on the screen.