Lenders do not hesitate to provide finances to people who can place collateral
. In case a person cannot place collateral, lenders take a pause to think before advancing finances to such people. The lenders taking into consideration the adversities of such people have come up with tenant loans. It is a relief providing offer for tenants. They are advances where you do not have to place collateral. They are unsecured in nature.
The number of lenders providing this facility has increased due to increasing development. They are advantageous approved to you fast. There is no valuation of the property so the time taken for this advance to get approved is small. Tenant loans are at a disadvantage as they carry a high rate of interest. If there is failure in repayment, the lender has the full right to sell the property and realize the amount out of that.
The eligibility conditions have to be fulfilled in order to avail this facility. The conditions are that you should be a resident of UK, you should have an active bank account, you should be above the age of 18 and you should have a regular and permanent source of income.
These finances can be useful for making payments which the borrower could not make due to shortage of cash. The purpose it can be utilized for can be for payment of electricity bills, credit card bills, car installment, and debt consolidation and so on. The amount which the lender lends ranges from 1000 to 25000. This advance has the repayment time which extends from 1 to 10 years.
A good research can provide you with the most suitable deal. There are abundant of lenders available on the internet. Lenders provide you with help for filling in the form. You have to fill in the form. The amount is wired to your account after approval.