When it comes down to it, weve probably all got a secret wish for something extra in our lives. Whether it be a shiny new car, motorbike or caravan, a far-off luxury holiday to get some sun, a wonderful wedding with all the trimmings for a real day to remember or even to consolidate existing credit into one more manageable monthly repayment just to make things easier each month. You can probably think of many more things to do if there was cash available. For many tenants, their ideas of what to do with the money are just dreams as they believe, in many cases wrongly, that they will never find a lender to support their application for a loan.
Many tenants have tried and initially failed in their quest to raise finance through unsecured loans for tenants or tenant loans but this doesnt necessarily mean that they are unable to borrow money. It may just mean they have not applied to the right lender; a company that specialises in their particular financial circumstances. Like any other type of finance, unsecured loans for tenants and tenant loans are offered by particular lenders. Not all lenders offer them or indeed to the same type of customer. Some specialise in tenants who have never missed a repayment in their life. Others specialise in tenants who have struggled on many occasions and have run into difficulties in the past. It very much depends on your individual needs and circumstances as to which type of lender you should consider applying to.
Noting that you probably have very different financial circumstances from the people next door is the first step to solving your problem of who to apply to. If you were to consider making an enquiry through a finance broker, your chances of success may be very much increased as they will probably have a range of lenders on their panel to cover different types of circumstances. Whatever you need to borrow and whatever your financial background they should be better placed to support your application. Nevertheless, you may not be able to borrow any amount of money. Dont forget that were talking unsecured loans for tenants and tenant loans here. For the most part, you can only use this type of facility to raise between £500 and £15,000 which for many, covers many of their real aspirations and keeps it affordable at the same time.
Just because this amount of money is available from most lenders however, doesnt mean that you will be guaranteed of getting the money. You will have to meet the stringent lending criteria first and this will undoubtedly include a credit search to check on your repayment history for other credit you may have now or that you may have taken out in the past. This will give the lender a truer picture of the likely risks they may face in lending the money. Dont worry however. If you miss with one lender, there are plenty of others to consider. Dont let it stop you from trying. Unsecured loans for tenants and tenant loans are notoriously risk sensitive as there is no collateral on which to guarantee the loan but there are always lenders who specialise in different types of risks which is where the finance broker really comes into their own in helping you to find the one that you feel is right for you. So what are you waiting for? Happy hunting!
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