You might need funds but may not have collateral to place or rather might not want to risk your property
. Lenders are a little reluctant in granting you a loan you wish to have. No need to worry as unsecured loans has come to your rescue. In this type of credit you can get the loan amount without pledging any sort of collateral.
You are offered an amount ranging from 1000 to 25000. The repayment period varies from 1- 10 years. The lenders risk in dealing with you is more as the lenders risk is not backed by any collateral. Hence they carry a high rate of interest.
Such type of credit is much safer than secured as the borrowers property is not at risk. They can be taken for a number of reasons like debt consolidation which are taken to repay an existing debt. These finances are very beneficial for tenants and non-homeowners.
Eligibility criteria;
The borrower must be over 18years of age.
The borrower must be a citizen of UK.
The borrower must have an active bank account.
The borrower must have a stable income and a steady job.
You can avail this credit even if you are suffering from defaults, arrears, missed payments and bankruptcy. These finances will help you in improving your credit score. You need to prove your repayment ability to assure the lender of your credit worthiness.
Unsecured Tenant loans are beneficial for tenants as the loan is approved without placing a security against the loan. This loan can also be applied through the online mode. All you have to do is fill an application form. Make sure you have submitted the correct information. This procedure is very convenient as compared to the traditional mode. Just a click of the mouse will help you get a wide range of the various lending institutes.