Tenant Loans help Build your Future
For so many years, lenders have said no to tenants. And treated them like second class citizens because they do not have a mortgage. There may be a lot of reasons for this – many are happy renting, or can’t afford a mortgage because they rent. How often do you dream of getting off the rental merry-go-round? Ever had the landlord from hell? Or maybe you need a new car or just want to do something better in your life but you have nothing to put up as security. Maybe you just have a bad credit rating because of a misspent youth you are still trying to recover from.
Whatever your reason and you are a renter then there are places you can go to get tenant loans, even with bad credit. If you are a tenant then your only options are unsecured tenant loans. An unsecured loan is simply a loan from a lender that does not require you to put up any collateral against defaulting on the payments.
Be careful though – some lenders charge interest rates akin to highway robbery.
What is a Tenant Loan?
A tenant loan is an unsecured loan. Lenders welcome tenants from all walks of life – housing estates, council tenants, even tenants living at home.
There is a loan out there for any reason – a holiday, paying off fees for your education, consolidating and paying off all your bills in one hit or buying a car. Maybe you want to pay for your daughter’s wedding or just need new furniture for your home.
http://au.youtube.com/watch?v=5lsBYh3UrKE&feature=related
What do you need to Secure a Tenant Loan?
The main criteria you need to meet is the capability to pay it back on time; and, a good credit history. Your credit history will determine the interest rate, and terms and conditions the lender puts onto your unsecured loan.
A tenant who meets the following conditions will easily get an unsecured tenant loan:
- You must be over 18 years old.
- You must be in full-time employment earning a minimum amount, which varies from lender to lender.
- You must have a current bank account and be willing to setup a direct debit to make the repayments.
- You must prove you have lived at your current address for at least the last 12 months.
You can get unsecured tenant loans for amounts as low as $1000 and anything up to $25,000. The amount you can borrow will depend on your ability to pay and you can take an unsecured personal loan out from over 6 months up to 10 or more years. While there is no need for collateral, you will pay for it with a higher interest rate. At least you know what you are getting into as the interest is fixed for the term of the loan.
Bad Credit Loans – what are they?
If you have a bad credit rating based on defaults, late payments and arrears – if you are willing to pay higher interest, you can probably find a lender willing to give you an unsecured loan. If they do, this a good opportunity to repair your credit rating and get your financial life back on track. Make sure you repay your tenant loan on time.
Just like anything else – do your research. Check out tenant loans online. Look at their rates; some offer lower rates than others. Others offer better terms and conditions. There are even lenders who offer both.
If you repay your unsecured loan the first time, you are likely to get a loan even more easily the next time. This is a good strategy over the years as one day you may want to buy a house and you will have a great credit history to support your application.
Tags: bad credit rating, loans, tenant loans, unsecured, unsecured tenant loans