Having bad credit mentioned against your name in your credit report makes you a very risky borrower for any lender if you are a tenant also. So the lender may even refuge you a loan or will put hard conditions to meet for the loan approval. In such a situation, you should find out a lender who is willing to offer bad credit tenant loans that are especially designed for offering timely loan to people having credit problems like arrears, payment defaults, late payments or county court judgments. Such borrowers are approved bad credit tenant loans without many inquiries on some relaxed conditions.
Bad credit tenant loans are unsecured loans as the tenants are not required to place any security with the lender. So these loans are fully risk free for the tenants. The sole basis of approving bad credit tenant loans is that the tenant should have a convincing repayment plan to show that the loan installments will be repaid in timely manner. Bad credit is not a problem as the loan is especially meant for bad credit people. One should note that bad credit tenant loans carry higher rate of interest rate. However you should know your credit score because interest rate is determined on it. The lower the credit score, the higher will be the interest rate.
The loan amount under bad credit tenant loan usually ranges from £5000 to £25000 depending on annual income, credit score and overall repaying capacity of the tenant. The loan amount can be used for any purpose like buying a car, paying for holiday expenses or clearing smaller debts. The loan has to be returned in shorter duration of 5 to 15 years. One advantage of bad credit tenant loans is that it gives an opportunity to the borrower to improve credit score if the loan installments are regularly paid. It would be wise to compare as many lenders as you can for interest rates on bad credit tenant loans. This way you can avail a comparatively lower interest rate.
As far as sourcing is concerned, bad credit tenant loans are available from all lending institutions but online lenders should be preferred for a cost free processing, relaxed terms-conditions and timely approval of the loan.
Turk Malloy works as financial advisor in Argtenantloans. He is offering loan advice for quite some time.
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