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Tenant Loans: Asset-free loan for your needs
By Denile Haden
Dated: Mar 08, 2009
Tenant loans are asset-free loan provision for non-homeowners or tenants. These types of unsecured loans
do not require valuable asset against the approval of loan amount.
Tenant loan offers ample amount to quash the financial thirst without bothering about borrower’s collateral.
This loan is considered as an ideal choice for those who do not want to pledge their property or those who
do not have a property to offer against the loan amount. Therefore, this loan can be availed by various
categories such as tenants, homeowners, students, PG’s etc.
The term tenant loan signifies that it is unsecured in nature as there is no requirement of pledging an asset
as a security against the loan amount. For this reason, unsecured tenant loan is popular amongst tenants and
non-homeowners. The loan amount is approved on the basis of borrower’s employment status, residential
proof, age proof, credit history as well as repaying ability.
The amount for tenant loan varies from £1 000 - £25 000. The amount has to be repaid in a time period of
6 months to 10 years. This loan is considered as the best option for the tenants who are looking forward to
meet their high-end needs and desires. The interest rate is slightly higher than secured loans. The proper
search and research can help borrowers to avail competitive rate of interest on tenant loans.
In non-homeowner loans, the borrower enjoys fast cash approval as no formality regarding the collateral
evaluation is to be done. The borrowers with bad or poor credit score such as CCJs, IVAs, bankrupts,
arrears or defaults can avail these loans to tackle their needs. Moreover, they can improve their adverse
credit score by repaying the monthly installment on time. Unlike good credit borrowers, the borrowers with
bad credit score have to spend more from their pocket as it charges higher rate.
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