 |
Tags: finance, loans, bad credit tenant loans
 Not having a home of your own does come with drawbacks, like not being able to place the apartment or whatever you’re renting as collateral. Hence the odds of you being able to pull out a loan with reasonably good interest rates plus terms of agreement that “glow” (because it’s so damn good), is relatively low.
The ability to pull out a loan of substantial value would also be low, since the creditors won’t be able to accept the broken down shanty you’re renting as collateral, as I’ve said earlier. But what if I told you that you don’t need a house to pull out a sum of up to £25,000? You’d probably make a negative remark like “I already new that you dumb lummox” or hopefully something positive like “wow, that’s good news”.
advertisement
I really hope it’s the latter, coz if it is, I’m going to explain the topic further. Taken that you did say something good, here’s what you’ve got to know: being a tenant doesn’t in anyway ban you from availing a loan, due to the fact that lending organizations have created the service known as unsecured loans.
With it, there’ll be no need for you to pledge an asset as collateral, which means its risk free for you. The odds of you getting accepted when applying for a bad credit tenant loan are high. Creditors couldn’t care less of your bad credit history, provided that you qualify as a potential applicant – wanna know just what exactly the criteria are? Then read here: first of all, you got to have a job.
Not just any job, but a full-time job. Don’t ever think that there going to hand out cash to somebody with no source of financial income. Regarding this, the profession you’re engaged in must rake in a regular flow of cash, as to determine your capabilities of making the monthly payments.
You also need a document that’ll serve as evidence or proof for your creditors – this document should state that you’ve been staying at your current address for at least one year. Next, you’ve got to have a bank account. How do you expect them to send you the money? So as you can see there are three things that you’ve got to have, which would qualify you for the application of the bad credit tenant loan.
By the way, do you know why the words “bad credit” was added to this type of loan? Well common sense would tell you that the service does cater for individuals with poor FICO scores, or have worse instances which makes them look bad (as I’ve said earlier). Having said that, here are some “cases” that these financial institutions can be willing to overlook, like: a guy falling behind payments can still get accepted, as well as one having default payments.
Pathetic FICO score won’t matter much either. And, get this, some creditors would still be willing to loan you even if you are a bankrupt bum (taken that you meet the 3 requirements for application above). Though you do get accepted, having any of these statuses attached to you will force the lending institutions to raise the rates and shorten the payback period.
But if you really have that clean of a record, then you can borrow as much as £25,000 pounds, and be granted a payback period of up to 10 years.
About the author
The author of this article Rick Goldfeller is a successful underground Financial Analyst who has been advising and coaching individuals for many years. Rick recently published a book on how to manage your money and attract Wealth and Financial Freedom. More info on his Finance Planning course is available HERE.
Share this article
You may reprint this article in its entirety on your web site, newsletter or ezine, providing you leave the About the author sections intact. You may not alter the contents.
|
|
