Being called a tenant may affect you very much when you are performing the role of a borrower looking for a loan. Lenders of standard loans generally hesitate to offer their money to a tenant. This is due to the reason that there no security for the loan amount. But you need not to worry as this is only the single side of the story the other side is that tenants can also get financed through unsecured tenant loans.
Unsecured tenant loans or unsecured loans are loans for people who don’t have their own property or home to offer as security or collateral. These people include tenants, students, PG’s or people who live with their parents and don’t have their own home.
The best way to apply for an unsecured tenant loan these days is to apply online. Online applying is subjected to faster approvals. With the help of following steps you can easily apply for an unsecured tenant loan:
Get a computer with internet connection.
Visit websites of numerous online lenders.
Search priority should be given to reputed and trusted lenders.
Take the help of services such as loan calculators, repayment tables etc.
Compare different lenders on the basis of their loan quotes through comparison tools.
Fill in the simple application with the appropriate information (like name of the borrower, address and contact information, amount of loan you are looking for, your credit score etc).
Wait for the lender to contact you with his services once he is satisfied with your application.
Your credit score plays a vital role in getting approval of an unsecured loan. It is the only thing for the interest of the lender to offer his money as there is no collateral. A lender can even deny a person with bad credit history. With increase in competition in the market some lenders are also providing loans to people with bad credit history. But you need to do some hard work in form of shopping for loans to find such lenders.
Unsecured tenant loans range from $500 to $15000 and can go higher under certain circumstances. The repayment term generally lies between 6 months to 1 year can extent up to 5 years. These loans come at slightly higher rate of interest as they are not secured. You can use the loan amount for any of your personal purpose like buying property, home improvement, health and education etc. Most of the lenders will not ask you the purpose of taking the loan so you can use money the way you like.