subject: Tenant Loans : Quick Financial Help For The Homeless [print this page] Financial needs or crises do not distinguished between homeowner and tenants when it has to hit them. So, when there are loans for the homeowners, why not for the tenants? Perhaps, this is the reason why tenant loans are becoming relevant to the tenants in the UK in times of financial problems.
In this regard, one could also say tenant loans came into existence in order to help those tenants in need of cash to meet their financial expenses but do not have a home or property as collateral. Perhaps, this is another reason these loans are unsecured loans. However, having said these loans are for tenants, they are also used by students and those staying in PGs in order to cover their fees or rent charges.
From the above, one realises the advantage of the tenant loans to the borrowers. Firstly, there is no collateral involved, which means no documents or paperwork, making the application process rather hassles free and quick at the same time. Moreover, these loans are also available to tenants with bad credit histories though the processing might take a little longer than the normal in this situation.
And though there are advantages, one must note that due to the unsecured nature of the loans, obtaining the tenant loans can be little difficult as lenders do not want to risk too much. So, on most occasions lenders do check the repayment ability of the borrowers, their credit history and income proof to ensure borrowers are capable of paying back for the loans. But then again, no bad credit can really stop you from getting the loans.
The interest rates of the tenant loans are also high due to the unsecured nature of the loans. But this can be compensated by the fact that there are a high number of lenders in the market ready to offer you the best of tenant loans with the lowest possible interest rates.
by: David Jhonson
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