A tenant loan can set you free from financial crisis
You are a student of Bio-informatics living in a rented house in
London. You do a part-time job to earn your livelihood. You have
been trying hard to continue your studies further but you do not
have money for that. What will you do then? Take a tenant loan
to fund your higher education. You do not need to keep any
collateral to procure such loan. The loan is granted only on the
guarantee of your repayment capacity.
A tenant loan is basically an unsecured loan meant to
cater to the financial needs of those who do not have their own
houses. This loan is also good for council tenants and people
living with their parents. Since the loan is unsecured the
interest rates on such loans is kept a bit higher than secured
loans. The monthly installments are bigger and the repayment
period is also shorter. Besides, the creditor keeps a strict
vigil on your repayments.
There can be a number of purposes to take a tenant loan. You can
buy a car, you can finance your marriage, you can fund your
dream holiday tour, you can use it to buy expensive household
items etc. in case you are facing the problems of paying for so
many monthly installments for different loans taken by you in
the past you can take a tenant loan to consolidate all your
debts. This will save you from the hassles of paying
installments to so many lenders and you will be making only one
payment.
Tenant loans are also
available for people who have a very poor credit record. Though
it is a bit difficult for such people to get an unsecured loan
like tenant loan, there are a number of finance companies that
provide such loans to people having a bad credit past. But, they
are charged with high interest and kept under a very strict
vigil by the lenders.
The best thing about a tenant loan is that you don't have to put
your property at risk. Most of the people who keep their houses
as collateral face the problem of repossession of their houses
in case of non payment of the loan amount. Another advantage is
that you save your precious time in the process of procuring a
tenant loan, as you don't have to go for the valuation of your
house. As a result you are saved from a lot of paper work.