You may be any type of tenant, in these days; you will get a loan with ease. This is thanks to numbers of lenders who are providing loans to tenants for any purpose like buying a car, tuition fees, paying medical bills, debt consolidation, going to holiday tour.
Tenant loans are unsecured loans that are provided without taking any security from the tenant. So these loans are source of risk free borrowings. The lender’s faith in the tenant is the only basis of the loan approval. Income, employment and bank statements of the tenant therefore are crucial in taking the loan. Overall, repaying ability of the tenant is what a lender sees in a tenant before approving the loan.
Under tenant loans usually lenders approve ₤25000 depending on income and repaying ability of the borrower. The loan amount has to be returned in 5 to 15 years. One bit disadvantage is that tenant loans carry higher interest rate. On comparing lenders however a suitable deal at comparatively lower rate can be signed.
Bad credit tenants also find tenant loans easier to avail if they earn well and have good ability to repay the loan installments in time. So tenants having late payments, payment defaults, arrears and county court judgments in their names are also eligible for tenant loans.
Check you credit report for any errors in it. Also you should know your credit score as lot depends on it. A good credit score will ensure loan at better rate than a bad credit score.
As far sourcing is concerned, it is advisable to take tenant loans from online lenders as they always have a lower rate loan offer to make and also they do not charge any extra fees on processing the loan. Pay off the loan in time for avoiding debts and for improving credit score.
Summary
Tenant loans are unsecured loans that are provided without taking any security from the tenant. So these loans are source of risk free borrowings. The lender’s faith in the tenant is the only basis of the loan approval. Income, employment and bank statements of the tenant therefore are crucial in taking the loan. Overall, repaying ability of the tenant is what a lender sees in a tenant before approving the loan. Read the article for more.
Source : loanarticle
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