Generally, tenant loans are unsecured loans meant for people who can not offer their home as security. Tenant loans are risky for the lenders and not for the lenders. If your bank balance is minimal and you have no other options than considering tenant loans in order to fulfill your commitments. Because of its viability and low interest rate, every borrower prefers secured loans. But what if you are a tenant? You have nothing to offer as security.
Tenant loans can be ideal for the students, paying guests or those who don’t have the house to offer as collateral. Like other unsecured loans tenant loans come with high rate of interest they have shorter loan terms.
Though there are some prerequisites for obtaining a tenant loans; you need to prove that you are staying at a place for past three years, you have to show past three years employment history, you should have full time employment, you may have to produce payslips, you should have a home telephone line (in case of mobile, you may be asked to produce copy of agreement)
There are some advantages of tenants’ loans like you do not have the threat of repossession, it is quick and hassle free, and you can get over the loan very soon.
Short payment period, high interest rates, lower loan amount can be cited as disadvantages of tenant loans.
Tenant loans are ideal for students, tenants and homeowners who do not want to put their home as security. You can use your loan for any purpose. Doesn’t matter, whoever you are, a tenant or a homeowner, you can always get tenant loans for your critical requirements.
The author is a business writer specializing in finance and credit products and has written authoritative articles on the finance industry. He has done his masters in Business Administration and is currently assisting adverse-credit-debt-consolidation as a finance specialist.
Article Source: http://www.ezinearticles.com
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment