Modern life is no so generous as to protect us from financial troubles. But that is not to say there are no solutions available to us. Depending on our background and profession, the range of loan options can vary. For non-homeowners with very low credit scores, for example, getting tenant loans with bad credit is often the best solution.
Traditionally, bad credit borrowers have found it difficult to secure any kind of financing, but with the development of the Internet, there are now many options available. Even amongst banks and credit unions, granting loan approval without security has become more common, though their interest rates can still be high.
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However, it does mean that even those without home equity have a route out of serious financial trouble. And there are many advantages to getting unsecured tenant loans to be enjoyed.
Tenants and Others
For a start, it is not only tenants that can apply for tenant loans with bad credit. This might seem a little confusing but, in fact, this kind of loan is available to anyone who does not own their residence. Along with tenants, those who qualify for these loans are students and even paying guests.
In essence, these are personal loans, in that the funds secured can be used for any purpose. Usually, they are used to catch up with arrears in debt payments or in rent payments, but it can also be used to buy a car or pay for a vacation. Still, loan approval without security always has its criteria.
Remember, that in granting unsecured tenant loans, lenders are taking on a degree of risk. So, the terms are not always excellent, and compromises are likely to have to be made.
The Qualifying Criteria
Not just anyone can apply for tenant loans with bad credit. Lenders need to know the applicant has the ability to pay since, in the absence of any form of collateral or security, it is the only grounds on which hope of getting their money back can be based. So, proof of a reliable source of income is needed.
Of course, in line with practically all loan applications, proving full-time employment is not enough on its own. Employment must be ongoing for 6 months at least, and bank statements, pay slips and other evidence of regular deposits in a bank account are usually required. Getting loan approval without security is often the hardest kind to get.
Other criteria include proof of age (over 18), proof of US citizenship and proof of having an active deposit account. This is so that, should the unsecured tenant loan be approved, the funds can be easily transferred, and an automatic repayment scheme can be agreed with the bank.
Key Terms for Borrowers
With terms and conditions that are not exactly perfect, bad credit borrowers typically have to accept more expensive terms than others might have to. But the good news is that it is possible to get tenant loans with bad credit that do not cost the earth.
The lack of loan security will mean that interest rates are higher, but online lenders charge lower rates than traditional banks. Loan limits can range between $500 and $25,000, so even getting loan approval without security can mean access to a cash injection sufficient to make a real difference.
Choosing a loan repayment period is also a key consideration, with terms of between 6 months and 10 years available. So, with an unsecured tenant loan, the longer the term the lower the monthly repayments, and the more affordable they become.
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