Tenants also can find loans despite their blemished record of making payments. They can make a search for bad credit tenant loans, which are especially carved out for their typical circumstances like making late payments in the past, having arrears and payment defaults in your name or cases of CCJs. However, there are certain conditions to be met before getting the approval.
First, get copies of your credit report from all the agencies and correct any inaccuracies in it. Know that the report consists of your past behavior of making payments and lenders will go through it. Also, improve your rating a little by paying off some loans on time, before applying for the loan.
Bad credit tenant loans are unsecured loans, requiring no property for collateral. The borrower's existing financial capability to repay the loan is usually the sole parameter for giving the approval. The loan amount is determined accordingly. Generally, the loan ranges from £1000 to £25000 for a short term of six months to 15 years. The loan can be used for whichever purpose like paying for tuition fee, clearing some bills, purchasing a car, going to a holiday tour etc.
However, a little disadvantage is that the loan consists of a bit higher interest rate. Still, you can borrow the loan at fixed rate, so that you can make the fixed amount of monthly payments for the installments.
You can cite many offers of bad credit tenant loans on internet. Instead of rushing to any such lenders, first apply for the rate quotes to get host of such offers. An ideal such loan will consist of lower rate of interest and fewer extra charges, which reduce the costs. Repay the loan on time, so that your rating enhances in the coming years.
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