The benefits of home-ownership are numerous in a lot of respect since the freedom of owning your own home can be a liberating and really helpful financial position. When it comes to tough times, homeowners are felt to have an advantage over tenants since they are able to borrow money leveraged against their homes as a means to help in financially tough spots.
There are other options for tenants as well, however, in the form of unsecured tenant loans. These loans are actually more beneficial in terms of the freedom that they offer the borrower and are widely available online.
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The Benefits of Tenant Loans
One of the best benefits of an unsecured loan is that it does not require collateral. This is nice because should you default on the payments, there is no danger of losing your home or other possessions. In addition, unsecured tenant loans are hassle free. This means that there is no reason to explain your need for this money to the lender. You are free to use it to pay tuition bills, consolidate debt, or pay for weddings or other special events as you see fit.
Who Can Get an Unsecured Tenant Loan?
Unsecured tenant loans are available to anyone who does not own the home in which they live. This includes students, adult children living at home and traditional renters. The procedure for qualifying for an unsecured tenant loan is simple and quick.
There are four basic qualifications that a person needs to acquire an unsecured tenant loan. These are:
1) At least 18 years old
2) Citizen of the UK
3) Active Checking Account
4) Regular, verifiable income
The Qualification Process
Because unsecured tenant loans are available through online lenders the entire process is quick and painless. You can literally have the money you need in your bank account within 24 hours of your initial response. This is because without a collateral backing, there is no need for evaluation of the property to be leveraged against the loan. This is actually the step that impedes the secured loan process.
What to Expect
Unsecured loans carry a lot of benefits to borrowers, but they also pose a great amount of risk to lenders. This is because the absence of capital to fall back upon should the loan default makes for an all-or-nothing deal on the part of the lender. Therefore, the interest rates are higher on unsecured loans than on their secured counterparts.
However, these loans are also available in a variety of amounts that can range from £500 up to £25,000. There is also a flexible repayment period that ranges from six months to ten years.
A Great Choice
If you are in need of money, but do not have a home to offer as collateral for a secured loan, then an unsecured tenant loan is an excellent option. These loans are fast becoming a popular means to help renters out in times of need. In addition, the prevalence of internet lenders offering this service makes the package all the more tempting since it is possible to research and compare rates. If you are a renter and need cash, an unsecured tenant loan may be a great choice for you.
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