No Credit Check Tenant Loans: Support for Non-homeowners with Poor Credit Score - No credit check tenant loans are for the people who have poor credit status and who have no home of their own. No credit check tenant loans are similar to unsecured form of loans.
No Credit Check Tenant Loans: Support for Non-homeowners with Poor Credit Score
By Calvin Mark
Jan 22, 2011 - 12:29:21 AM
It is a common practice among the lending agencies that
the borrower is to submit evidence of his valuable possessions. He must offer
his tangible property (a piece of land, home, vehicle etc) to use the same as a
pledge against which the lender advances him the loan amount. Tenants do not
own a home. It is not possible for them to obtain loans in this way. Finance
offered in this way is known as the loans in the secured form. Hence, the
tenants can avail the loan amount in the unsecured form in which nothing like a
guarantee is necessary.
Moreover, the lending institutions are reluctant to offer loans to the people
who are tagged with bankruptcies, IVAs, CCJs, arrears, defaults, late payment,
less payment etc. They are said to have unhealthy credit status. The financial
market has, therefore, introduced no credit check tenant loans to benefit large
number of people. People who have no home and who have history of weak credit
can apply for no credit check tenant loans, because credit repot of the
applicant is not verified in this kind of loans program.
Tenants who look for no
credit check tenant loans can avail an amount in the range from £5000 to
£25000. They are allowed to clear the loan amount along with the interest
within 1 to 10 years. Interest for this kind of loans is charged at rates
higher than usual.
The borrower should check the websites on the internet where the lending
agencies have created different websites for providing information about no
credit check tenant loans. The borrower should go through the terms and
condition provided in those websites. He should study the quotes and try to
understand their differences. It is possible for him to find out a quote
suitable to his demand and capacity.
The loan-seeker must be qualified to apply for no credit check tenant loans. It
is a must that he is a citizen of
England. He should be at least 18
years old; otherwise, he will have no right to engage legally in any financial
contract. He must earn about £1000 in a month, unless which he will not be able
to clear the loan amount within the agreed time. He must be employed in any
authorized establishment for this purpose. It is again necessary that he holds
a valid checking account, because the lender, after approval of his loan
application, would send the loan amount to his bank account.
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