It is quite true that your house plays a very important factor while taking a loan. A homeowner definitely gets more benefit than a non-homeowner. But that doesn’t mean if you are a non-homeowner, you will not get a loan deal according to your requirements. If you are finding it difficult to get affordable loans being a non-homeowner, avail bad credit tenant loans which offers loan to non-homeowners. These loans are available especially to non-homeowners having a bad credit history.
Bad credit tenant loans are offered to various types of non-homeowners including council tenants, housing association tenants, MOD tenants, private landlord tenants, living with parents, housing executive tenant etc. They can easily apply for bad credit tenant loans.
Before going any further towards applying for bad credit tenant loans, you should first of all be clear about what a bad credit history is and how far you are eligible for the loan. A bad credit history includes any of the following:
-Arrears
-Defaults
-Bankruptcy
-CCJ
-Poor credit score
-Late payments
Your credit score plays a very important role in getting you the loan. In fact the lender qualifies you for the loan amount on the basis of your credit score. To know your credit score, you can request various credit rating agencies to send your credit score. Credit score is basically a history of how you have been paying off your debts till now.
You can get a bad credit tenant loan in two forms- secured and unsecured. A secured loan is offered against a security. Since you do not own a house, the collateral usually comprises jewelry, car etc. You can get a loan amount ranging from £3000-£25,000 for a period of 2-25 years with secured loans. While unsecured loans do not require any collateral but are offered in small amounts ranging from £1000-£10,000 for a repayment of 6 months to 10 years.
The interest rates are charged according to the loan amount and the repayment term. However with a thorough research on lenders, you can get bad credit tenant loans in a very cheap rate. Internet has a list of whole range of lenders where you can easily look out for the best lender.
Avail bad credit tenant loans and get a chance to live a stress-free life. These loans give you a fair chance to improve your credit history increase your chances of getting a better deal in future.