Tenant Loans: an excellent monetary resource for non-homeowners
Written by: Nidhi
Tenant Loans: an excellent monetary resource for
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
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.
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