London, United Kingdom (PressExposure) July 30, 2009 -- For availing the external financial help, the borrowers are required to present some sort of security against the loan amount. But, offering a valuable security may not be feasible for all. Therefore, people who cannot afford to place collateral can simply apply for tenant loans. These loans act as a strong financial backing for the tenants in their hour of urgency. Not only tenants, homeowners who are worried or not interested to pledge their valuable asset can also avail these loans.
In comparison with the secured loans, the tenant loans are approved quickly as no collateral placement and evaluation is required. Therefore, it can be said that borrowers are free lengthy paperwork which makes the loan process simple and fast. The amount availed can be utilized for varied needs such as funding of education fee, buying of a new car, meeting wedding expenses, improving home by renovation or going out for excursion with friends. The borrowers can use the amount regardless of their needs without any interference from the lenderâs side.
Tenant loans offer a smaller amount than secured loans. The borrowers can easily avail the amount within a range of Â£1000-Â£25000. The repayment term is kept short. It stretches from 6 months to 10 years. Depending upon the convenience, the borrowers can choose the repayment plan according to their repaying ability. For availing the loan, the borrower has to loose his pocket as slightly higher rates of interest is charged. This is because no collateral is placed against the loan amount.
Tenant loans [http://www.nocreditchecktenantloans.org.uk/] can be approved by both good and bad credit history borrowers. The borrowers with bad credit score such as CCJs, IVA, late payments, arrears, defaults, late payments, bankruptcy and skipped payments can easily apply for loans. But, for that they have to pay little higher interest rate.
The borrowers can avail the tenant loans from both online and offline mode. In comparison with the offline mode, the online application is comparatively simple and convenient as borrowers have to simply fill-in a simple form. There are many lenders available on the internet with lower and lucrative deals. So, it is recommended that borrowers must do a little market research.