Instant Tenant Loans

In this era when property matters the most it's a privilege to be a homeowner. There used to be a time when lenders kept on coming with new loans targeting that class of borrowers and that was the time when a tenant felt discriminated. The scenario has changed drastically and the tenants have come in focus. Realizing the fact that tenants constitute a large part of the population the lenders shifted their focus. The market is now flooded with tenant loans and instant tenant loan is one of them. These loans prove to be very helpful in the demanding situations when there is no other way out left.

Facts and Figures:

The loan amount available with Instant Tenant Loans is less compared to other loans. The reason for this may be the absence of tough terms and the fast procedure of sanctioning the loan. A borrower can expect a loan amount ranging between £3000 and £25000 with this loan. The repayment period stretches from 6 months to 10 years and is decided at the time of issuing the loan. Since the loan amount is unsecured the interest rate is on the higher side and varies from lender to lender.

Eligibility Criteria for Instant Tenant Loans:

Any UK citizen aged 18 years and above is eligible to avail instant tenant loans. The loan is available to the customers irrespective of their credit score; the lenders impose some conditions to guarantee the repayment well within the time. The lenders may require the customer to produce the salary statement or any other constraint in order to limit their associated risk. He must have full time employment. His monthly income must be over £1000 per month. He must have an active bank account.

May people find it difficult to buy a house of their own? They have to save money in order to purchase a place of their own. Until then they have to live in a rented apartment. People who do not posses property in their own name are not considered applicable for monetary aid. To bring about change in this mindset, tenant loans are devised. With instant tenant loans you can buy a new house, renovate your existing property, plan an exotic holiday trip, repay the existing bills etc.

These advances are well structured for those applicants who are staying at other peoples addresses by paying a stipulated rent every month. They are unsecured in nature. They aptly suit the needs of such people as they do not have any asset in their name to place as security against the loaned amount.

The amount that the lender can offer ranges from £1000 to £25000 with a repayment term of 1 to 10 years. The repayment term is decided by the lender depending on how much money the borrower has asked for and his ability to repay it. There is less documentation required for these loans as they are unsecured in nature. The loan is sanctioned quickly as there is no time wasted in verifications of the documents.

Tenant loans come without the requirement of a credit check. Thus people who have bad credit history can also apply for monetary assistance. The lender is only concerned with the borrower's present financial condition. The borrower must keep in mind that the rate of interest charged is high. The advance has to be repaid on the due date.

Applying online is the easiest way to get a loan. Thorough research online can get the borrower a good deal. Filling out an online form is very easy and once submitted; the money also reaches the account fast. There are plenty of choices online and the borrower needs to choose the most appropriate one for him.

A person who does not posses a residence of his own is called a tenant. They reside on a temporary basis. They do not own any property in their own name to offer as security. Hence, it becomes difficult for them to obtain funds to satisfy their requirements. Thus tenant loans are designed to help such people.

The advance sanctioned ranges from £1,000 to £25,000. The advance lent has to be repaid within 10years. It can be used for any purpose the borrower wishes, such as to pay for emergency expenses and to pay medical bills.

It helps them meet necessary charges and also in a way helps them improve their credit score. These finances are made available for all types of tenants like housing association tenants, private landlord tenants and housing executive tenants.

These non homeowners can borrower amounts ranging from £1,000 to £25,000 due to its unsecured nature. Therefore, borrowers can utilize these funds for a variety of purposes as per their requirement. The borrower does not have to give any asset as security to avail of these credits.

However, the borrower must also keep in mind the repayment term. The advanced amount can be repaid within duration of 10 years. Thus, the tenure for these advances is quite reasonable for the tenants.

The borrowers can utilize these funds for reasons like going for a vacation, purchasing a car and other such purposes. However, the borrower must be aware of the fact that due to the absence of security the interest rates are reasonably high. Thus, the borrower must be aware of the benefits as well as the drawbacks involved in these finances before availing them.

Due to the absence of any security the lender is sceptical in granting advances. Thus the interest rate charged is slightly high. The lender first decides the amount to be lent depending upon the financial standing and credibility of the applicant. If he is not convinced of the same, he will not grant the advance. The lender must be assured that his money will be returned to him. No lender wants his bad debts to add up.

Tenant loans can be applied for by using the online mode of application. He can thus avail of finances while sitting in the comfort of his home. The borrower would be required to furnish certain personal details on the online application form such as his name, residence, contact number and other such information. Once, this information is verified by the online lender, he may approve the application and sanction the amount to the account of the borrower.