Those individuals who are living as tenants do not have any asset of their own. If you are a tenant and looking for some extra finances to meet some of the needs, lenders may not be ready to offer any finances. it is because you are not capable of offering any security towards the loan amount. However, you can now turn your fortunes remarkably with the help of unsecured tenant loans. These loans offer you the required amount of finances, which in turn enables you to fulfill the various needs.
These loans are meant only for those individuals who are tenants, non homeowners etc who do not have any asset of their own. This simply means you can obtain the finances without pledging any collateral. The finances obtained can be used for a variety of purposes like purchasing a car, starting a new business, picking up a holiday package, educational purposes, wedding etc.
Before advancing the required amount, lenders usually prefer to verify whether you are capable of repaying the borrowed amount or not. This is done by taking in to account your monthly income, employment status, past credit records etc. Based on these, you can very well obtain finances in the range of £1000-£25000 for a short repayment period that stretches for 6months-10 years.
The interest rates are usually high and are evaluated on the basis of amount availed and the repayment duration. But with the presence of large number of lenders offering the same loans with varied rates, with a proper research you will be able to obtain comparatively low rates on the borrowed amount.
Those with bad credit record such as CCJs, IVA, arrears, defaults etc can also apply for the loans. But to do, they have to convince the lenders that they can repay the amount with their income. Interest rate levied will be slightly high, so as to cover the risk factor involved.
To gain affordable terms and conditions on the loans, you can use the online option. The processing is fast and due to stiff competition among the lenders, you will get competitive rates. With these loans, and you are in a position to meet your dreams and wishes without the need of pledging any asset as collateral.
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