Tenant Loans - An Excellent Source Of Financial Aid
A person who does not posses a residence of his own is called a tenant
. They reside on a temporary basis. They do not own any property in their own name to offer as security. Hence, it becomes difficult for them to obtain funds to satisfy their requirements. Thus tenant loans are designed to help such people.
The advance sanctioned ranges from 1,000 to 25,000. The advance lent has to be repaid within 10years. It can be used for any purpose the borrower wishes, such as to pay for emergency expenses and to pay medical bills.
Due to the absence of any security the lender is skeptical in granting advances. Thus the interest rate charged is slightly high. The lender first decides the amount to be lent depending upon the financial standing and credibility of the applicant. If he is not convinced of the same, he will not grant the advance. The lender must be assured that his money will be returned to him. No lender wants his bad debts to add up.
The eligibility criteria for tenant loans are as follows;
1.The applicant must be 18 years of age or more.
2.He must be a UK citizen.
3.He must have full time employment.
4.His monthly income must be over 1000 per month.
5.He must have an active bank account.
Tenant loans can be applied for by using the online mode of application. He can thus avail of finances while sitting in the comfort of his home. The borrower would be required to furnish certain personal details on the online application form such as his name, residence, contact number and other such information. Once, this information is verified by the online lender, he may approve the application and sanction the amount to the account of the borrower.