Instant decision tenant loans as the name suggests are available to tenants. They are granted quickly. The borrower is not required to submit any documentation against the finance lent.
These advances are granted the same way as unsecured personal loans, with a difference that they are only offered to tenants. Non homeowners are those people who do not own their own residence, or who live with their parents.
These finances can be used for any purpose the borrower choose; like to pay tuition fees, buying a car, wedding, going to holiday tour or simply to pay of an existing debt. They are free from any security.
The lender might be at a risk, as they are lending to non homeowners. The borrower suffers no risk. The entire risk is borne by the lender. To safeguard him, the lender charges a high rate of interest. Only when the lender is convinced about the credit worthiness of the applicant, the credit is lent. The loan given to these non- homeowners ranges from £1,000 - £ 25,000 for a period of 1- 10years.
The credit has to be repaid on the completion of the term or earlier. The lender decides the amount of advance depending upon the non homeowner's employment status and his credit rating.
The advantages of instant tenant loans are;
- Applicants who do not posses any property in his own name can apply for credit.
- No collateral is required.
- It is approved in a short period of time.
The disadvantages are;
- The rate of interest charged is comparatively high.
The borrower is required to fulfill the necessary eligibility criteria to apply for this kind of financial assistance.
1. You must b a citizen of U.K
2. You must be above 18 years of age
3. You must have regular income with proof
4. You must have a proper identity proof
5. You must also have full time employment
6. Your contact number; which may be your mobile or landline number.
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