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Tenant Loans: an excellent monetary resource for non-homeowners

Written by: Nidhi

Tenant Loans: an excellent monetary resource for non-homeowners

The need for money can arise at any point of time. You may need to buy a car because your old one broke down, or you may suddenly find out that you are falling behind on your payments of credit card bills, or even worse you may suddenly get chucked out of your job.

All these are very realistic events and can happen to anyone and at any point of time. So, what do you do in such a situation? Ask from friends and relatives for help? We all know that in most cases this turns out to be a futile exercise. The next best option is to avail a loan. A cheap loan with an easy repayment term can help you get out of your financial crunch easily. A loan can fulfill all your needs be it for a car, for debt consolidation or for tiding over your phase of unemployment.

Getting a loan is very easy if you can offer your home as security. But what do you do if you don't own a home, live as a tenant or live with your parents. With the alarming increase in the mobile workforce in the UK , it is no big surprise that a large chunk of its population lives as tenants.

To cater to the financial requirements of tenants, a category called tenant loans has been crafted. Tenant loans are not much different from unsecure d loans. The loan conditions including the interest rate on your loan is decided completely on the basis of your creditworthiness. If you boast of an impressive credit score, then you will be easily able to get a low rate tenant loan. Conversely, a bad credit history will bring with it a liability of a high interest rate.

A tenant loan can be utilised for just about any purpose. You can use it as a personal loan to finance the purchase of your car or as a debt consolidation loan to get rid of your debts. However, you must remember that at the end of the day a tenant loan is just a loan, which needs to be paid back. Although, the lender in case of a tenant loan cannot lay claim over your assets, yet he can opt for a legal proceeding in case you fail to pay back your loan. So, you must take utmost care to assess your repayment ability before you avail a tenant loan.

About the author:

Seek.uk Nidhi


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