A tenant lacks the financial security of owning a home. Being a tenant in the past was considered to be a disadvantage which brings along a number of problems. But today with the massive change in the financial market, there are various options to support and help the non home owners. While the non homeowners are stuck with the inadequate funds, tenant loans may help.
The tenant loans extend funds to the borrowers for any of their personal purposes. Though these loans are designed for the tenants, non homeowners and those who live with their parents, yet even the homeowners may apply for them if they do not want to place any security. Regardless of the fact whether an individual possess or do not possess any assets to pledge as guarantee these loans can be offered to all.
Tenant loans are available to any tenant if he fulfills certain conditions. The borrower is expected to be 18 years old, be in full time employment with a monthly salary of at least £ 1,000 and also have a checking account.
Any applicant who fulfills the eligibility criteria can easily apply for this loan. The eligible applicant may apply for a loan amount ranging from £1,000 and £25,000 for a period of 10 years. Though the rate of interest is slightly high but by researching the loan offers available in the financial market you can be benefited with a better deal.
A tenant loan can be availed by a borrower for any purpose like to clear all your debts, wedding, going for a holiday, paying bills, making home improvements, buy a new car or bike.
Thus, being a tenant is admired and liked by the non-homeowners now as even they can grab aid quickly during any emergency. The absence of collateral and property evaluation makes these loans more instant. The loan amount offered through these loans carry the benefit variable interest rates which make the loan quite flexible and easy to repay.
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