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Friday, July 17, 2009

Non-home owners get tenant loans and fulfil your dreams

I live as a tenant and has just joined a firm as a permanent employee. Now, I want to own a car but as a matter of fact it is not possible to buy it with cash therefore, I am looking for a car loan. As per my knowledge I only had an option of falling back on 'tenant loans'. Tenant loan? Yes it was a bit surprising for me. I knew that it is specially meant for those who are tenants but since, I had no asset(s) to pledge, how can one person who is living as tenant can procure it? Intrigued! I decided to find out more about it.

After putting in some effort and time, I managed to procure whole knowledge about the product. To my surprise, this loan product was much more than what I expected it to be!

Tenant loans can actually be used for any purpose, be it marriage, buying car, meet medical expenses any many more. You may get an amount that can range from 1000 – 25000 bucks through it. But then, tenant loans typically have higher interest rates. Also, they are short termed loan, and are provided for less than 1 year or for 1-5 years.

Since, I had clean record in terms of credit score, I found myself a tenant loan deal at a pretty reasonable ROI. So, if you are looking for cheap deal, your credit record does play a vital role in getting you one. Although, these tenant loans are of unsecured type, they can be secured against some of the valuable asset(s) or documents of properties. Your housing document can be treated as a security against the borrowings.

To be a valid candidate for tenant loan you need to furnish some of the important documents. These documents may include your residential proof to assure that you are a genuine UK citizen. You will be also asked to furnish proof of being non-minor. To be assured of the fact that you are able to repay the entire loan you need to present your certificate of employment. That would prove that you hold a stable job. After taking into account your salary slip, the amount of loan will be determined.

So believe me, tenant loans can prove to be an ideal deal for people who are still living as paying guests!

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