Not everyone can afford a house of their own or a car of their own. There are a lot of people out there who live as tenants in rented properties. A lot of people drive leased vehicles. And a majority of people own financed cars. In times of financial need, a home is the most valuable asset which can be placed as collateral against any secured loan to get instant access to a decent sum of the loan. However, a tenant may find himself in serious financial trouble when he needs urgent funds to sponsor a particular situation, as he does not own a house to be placed as a substantial security against any loan. The financial market has realized this discrepancy in offering easy finance options and loans to the category of various tenants and hence, the tenant loans have been brought into action.
Tenant loans are offered to those individuals who are above 18 years of age and draw a correct amount of monthly income. In addition to this, they are also required to have an active bank account. These loans are open to all sorts of tenants including council tenants and private tenants. In fact, there is no need for collateral when applying for a tenant loan. These loans are unsecured loans. So the borrowers need no kind of asset to give as a security against the amount to be loaned. There are a lot of differences between a secured and an unsecured loan. In a secured loan, a lot of checks are conducted on the borrower. The past credit history and background are checked, and all this can takes days or weeks at times. A lot of time goes into the paperwork attached to a long term loan from a bank on secured terms.
When you compare this to a tenant loan, the latter seems to be a better option for short-term financial needs. There is no need for collateral in a tenant loan. No credit or background check is conducted while giving a tenant loan. All that is required is a proof of age, a working saving or checking account and an evidence of employment or steady income from some source. The paperwork is limited and can be submitted online. The processing time is just a day. So once approved the money is directly deposited into the account provided by you.
The entire range of tenant loans is well designed with several sorts of loans and for this reason only, before applying for any of the Tenant loans, it is important for the borrower to analyze his requirement as well as his credit status and then he should select the most appropriate loan plan accordingly. Hence, if you are also looking for such an amazing financial aid and you probably don’t know where to go, here is a link to an article we wrote on “Where to go for a Small Loan.”
So, as a tenant without any property ownership and a poor credit score, if one finds it difficult to make instant arrangement for funds in times of financial needs, the tenant loans can come to their rescue promptly. It simply requires some necessary groundwork and comparison of the market options to select a reliable lender and a plan that is just perfect to resolve all financial troubles easily.