Instant Tenant Loans Finance Without Placing Collateral
Instant tenant loans are granted to people who are employed but who do not have any permanent residence of their own
. They live as tenants in rented apartments.
Instant tenant loans are those which as especially designed for people who are non homeowners. The main feature of this advance is the absence of collateral. In many aspects these advances are very mush like unsecured loans.
These finances can be used for any purpose the borrower chooses; like to pay tuition fees, buying a car, wedding, going on a holiday tour or simply to pay of an existing debt.
A tenant is also referred to as a non homeowner. He does not own any property in his own name. They either stay in a rented apartment or live with their parents.
While lending such advances the lender may face some risk, as there is no collateral. If the borrower defaults in repayment, the lender cannot recover the money lent. He tries to protect himself from such a situation by charging a high rate of interest. The borrower suffers no risk. The entire risk is borne by the lender. Only when the lender is convinced about the credit worthiness of the applicant, the credit is lent. The loan given to these non- homeowners ranges from 1,000 - 25,000 for a period of 1- 10years.
The lender grants such finances for any purpose of the borrower, such as to pay for a touch up for his vehicle, to pay off an existing bill. The lender places no restriction based on the usage of the money.
Instant tenant loans do not require the lender to meet with the borrower face to face. The loan application can also be filled online. There is no fee charge for the form. The lender only asks the basic details of the borrower to be filled in an application form.
by: Ravin Thomes
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