Are you the one who is looking for a loan ? Do you need some extra cash to fill in the financial gaps ? but, you dont own any property to put as collateral?, If your answere to all these questions is yes then you are at the right place at right time. It is commonly believe that being a home owner one can enjoy horizon of opportunities and lenders find it easier to lend loans to them but compared to the earlier times, the number of lenders with loans for tenants in the UK has increased. The lenders have realised that by taking a moderate risk they can increase their customer base. UK 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.You do not need to keep any collateral to procure UK tenant loan. UK tenant loan is granted only on the guarantee of your repayment capacity.These loans are tailor made to fulfill the financial requirements of tenants.
And it’s obvious that people living in rented houses are in no way different to those who own their own houses. Their requirements are similar to those of house owners to a great extent.There can be a number of purposes to take a UK 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 UK tenant loan to consolidate all your debts , to finance your higher education …in fact, just about anything!
The best thing about UK 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 being unsecured, UK tenant loans prevent you from the hassles of being involved in voluminous paper work.
The basic requirements for those wishing to apply for UK tenant loans are:
• You are in full time employment.
• You are paid by computerised pay slips.
• Your bank account accepts a Direct Debit facility.
• You have proof of identification and residence – normally utility bills.
UK Tenant Loan – The Facts:
• An easy and manageable route to generating extra cash
• You can use the cash for any purpose – for example, debt consolidation, home improvements, buying a car or going on holiday
• Using this for Debt Consolidation means that with one single payment to make each month, you have more control over YOUR monthly budget
• Repayment period can be anything from 3 – 25 years
• Protected payment plans can provide extra peace of mind
Tenants thus may not qualify for a large amount as in a secured loan. This implies that the tenants expose loan providers to greater risk. Thus, tenants have to pay a higher rate of interest. The borrowers can escape interest rate fluctuations by using the several options that come on interest. Rate locks, capped rate, discounted rate etc form some of the interest options to lessen the bitterness of high interest rates.
Word count: 568