Tenants do not own property to take loan against it. The situation worsens when a tenant is labeled as bad credit. Such tenants can go for bad credit tenant loans. The loan is especially tailored for tenants having gone through or currently has bad credit status.
Bad credit tenant loan is offered to all sorts of tenants like council tenants, MOD tenants, housing executives, PGs, living with parents and so on. The amount of bad credit tenant loan varies from £1000 to £25,000. The repayment period varies from 3 to 10 years or more depending on loan amount. The loan amount of bad credit tenant loan can be used for paying off debts, consolidating debts, buying of car, making holidays and many more.
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Being unsecured loan, the tenant is not needed to place collateral against the loan amount. Instead of collateral, the tenant is asked to provide proofs and documents that help him getting bad credit tenant loan. Documents and proofs provided are employment proof, income proof, financial status, credit worthiness etc.
Bad credit happens to those who are repeatedly defaulted on repayment of loans. As a result, the tenant can face CCJs, bankruptcy, arrears, IVA etc. The best way to offset the impact of bad credit for a tenant is to plan repayment and present it to the lender to convince him safe return of loan.
The borrower searching on internet gets a lender who offers competitive interest rate and terms - conditions available in market easily. Applying for bad credit tenant loan the borrower needs to fill an online application. The application form includes the information pertaining to loan amount, repayment duration, purpose of the loan, his name, occupation etc.
Bad credit tenant loan is a wider option for the tenants who want to improve their credit score history. Bad credit tenant loan is an opportunity for the tenants to enhance their credibility in the loan market.
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