A bad credit situation may arise with anyone in this world and you are no exception to this rule. It may come at any point of time leading you to face monetary problems. Over and above that if you do not own a property and live as a tenant then the problem can get even worse. To overcome this particular problem loans for tenants with bad credit are advanced by the banks at a very convenient rate of interest.
These loans can be of two types, secured and unsecured. The secured loans are given if you can keep any kind of mortgage as security with the bank which results in lower rate of interest. In case of the unsecured loans you do not have to keep any kind of mortgage, but in this case the rate of interest is on the higher side. You can apply for these loans either online or by visiting the branch personally. In both the cases the processing time will be at the maximum of 24 hours. Loans for tenants with bad credit do not have the thorough security check that you may face in case of the other loans. You should be 18 years or more in age, have a personal bank account and should live in the house as tenant for a period of 3-6 months.
The rate of interest with out any kind of collateral is high and varies from anything between 8%-12%. However the time for repayment is good enough to facilitate your needs. It is spread from anything between 3-25 years thus giving you enough time to pay back the principle amount. A detailed search about the different loan quotes from the different providers will enable you to get a very competitive rate of interest. You can use loans for tenants with bad credit for various purposes like home improvements and even debt consolidation which enables you to gain back the credit points that you have lost earlier. The other advantage for these loans is that you do not have to pledge for a security if you fall under the category of housing tenant or municipality tenant.
Source : Ezinearticle
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment