People who do not have their own homes and stay in places where they have to pay rent as tenants have the constant problem of landlords raising their rent to levels that they cannot afford. This is the reason tenant loans are made available to help tenants handle their money problems. Tenants who find it difficult to make their monthly rent on their current salaries often take up loans with creditors.
Tenants normally do not have any property that qualifies as collateral so their loans are of the unsecured kind. With the collateral requirement out of the way, a tenant-loan application does not have to go through any collateral appraisal and does away with the copious paperwork and faxing of these. This makes a tenant loan much faster to accomplish as long as all the requirements have been taken care of. You can even do the application online and get approval the same way. There is no need to stand for hours in long lines waiting for your turn.
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Because of the absence of collateral, this type of loan is rather unsafe for creditors. That is the reason the interest rates for tenant loans are somewhat high. If the rate is too expensive for you, you can always try to negotiate with your creditor. With a bit of research and comparison of interest rates of several lenders, one can opt for the more affordable deal.
Loans usually range from $1,000 to a few thousand more payable within a year to a couple more. The amount of money creditors will give out as a loan will depend on the assumed ability of the borrower to pay. The loan has plenty of uses for tenants. It can be utilized to pay back rent, for hospitalization and medicines, on the electric bill, to buy a car, purchase a new laptop or whatever the case may be.
Considering the small amount you can borrow, you could slacken in your payments. Unless you want to pay fees for late payments, always pay your bills promptly. Fees could accumulate and you could end up with quite a large sum that will only add to your financial troubles.
The good thing about tenant loans despite the relatively smaller amounts you are allowed to borrow is that bad credit is not a reason to turn your loan application down. Not even arrears, default payments or bankruptcy can prevent you from securing this loan. Neither can unemployment or even the inability to show proof of income be obstacles to getting this type of loan.
However, the more meticulous a lender can examine an applicant's capability to pay back the loan, by looking at their employment background and how much money they earn, the better chances one has to be granted a loan. Joint applications by tenants married to each other will have their income looked over. Joint applications have a higher chance of being approved because the larger combined income the applicants earn together give them a better chance to make the loan repayments.
There are very few constraints for the granting of this loan. Basically, as long as the loan applicant is a citizen of the country where he or she applies for a loan, is at least 18-years-old, one can get cash in a jiffy. A savings or checking account will be an advantage so the creditor can send the loan directly.
Creditors have all the angles related to loans covered. Creditors are in the business to make money so they need guarantees. Tenant loans are an example of loans that do not require collateral or security. The unsecured nature of this loan necessitates high interest rates. But taking into account the smaller sums that debtors can borrow and the urgency of their need to get some quick cash, a tenant loan is worth the trouble.
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