An introduction: Need of money is inevitable and so is our increasing expenses. May times you be able to find yourself in a situation when you need some extra money to deal with the existing problem? In such case you may look for loans. If you got any home or property then it's quite easy to get a loan approved; but if you are a tenant who don't have his own home than its tough to find a lender. Here tenant loans rescues you by providing necessary monetary help.
Some other facts and figures: Tenant loans are specially designed for non homeowners. This makes these loans a boon for the people of lower class of society. Your previous credit rating can help you to get these loans at cheaper rate. These loans in some cases are also given to people suffering from poor credit history. In order to avail these loans you have to satisfy following prerequisites:
a) You should be in salaried employment presently when yon you go for obtaining loan. b) You must have resided at your current address for over 12 months. c) You should have your personal U.K. bank account. d) Having a credit/store card and maintaining the payments regularly will definitely help you. e) You have a savings account to which you make regular payments.
Tenant loans have an exciting feature that these are risk free loans as no security is kept and hence you don't have risk to lose it. The loan amount approved typically ranges from £500 to £25,000 with a repayment time of 3 to 25 years. The typical interest rate is 7.7% APR to 18.3% APR. The interest is bit higher because of its being unsecured and it may go up further if you are a bad creditor. Timely repayment of debt is important to save your creditability and check the interest rate.
Articles Source: http://www.goarticles.com
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