Bad credit tenant loans are offered to those tenants who are suffering from poor credit. Borrowers with adverse credit like CCJs, IVA, arrears, defaults, late payments, bankruptcy and missed payments are referred as bad credit holders. Such borrowers generally face difficulties in loan approval but bad credit tenant loans have been specially crafted to cater the needs of such borrowers and allow them to easily fulfill all their requirements.
Tenants with poor credit records can now entail funds for their various requirements like:-
o Debt consolidation
o Car purchase
o Home renovation
Bad credit tenant loan are unsecured in nature. The borrowers are not required to fulfill the collateral obligation. These loans extend a loan amount ranging from £1000-£25000. The repayment term of these loans varies from 1-10 years. The loan amount is sanctioned after analyzing a borrower's financial standing, credit scores, annual income and repaying ability.
The bad credit tenant loans are provided at slightly higher rate of interest. The borrowers are charged with a higher rate due to unsecured nature and their poor credit records. The absence of any security and bad credit of borrower pose an increased risk on lenders. As the borrowers may falter payments therefore the risk is compensated by charging a higher rate of interest.
Bad credit tenant loans can be applied online and offline. The online application and process is much more convenient. You are required to fill a simple application form and the processing starts therein. You can even search for competitive deals that carry lower interest rates easily.
Tenant loans have quick processing. These loans don't require property evaluation and involve less paperwork which makes the process easier and convenient for the borrowers. You can get the required amount within very less time and fulfill your needs on time.