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From £1,000 to £25,000
Rates from 5.7% to 278%
3-36 month repayment
Borrow up to £3,000
Rates from 278% to 1576%
3-12 month repayment
Representative example: £500 borrowed for 5 months. Total amount repayable is £991.85 in 5 monthly instalments of £198.37. Interest charged is £491.85, interest rate 236.1% pa (variable). Representative 481.6% APR.
Tenant Guarantor Loans: How good are they?
The idea of a loan with a guarantor is not new but the business still has many lenders that are only a few years old. It really began to grow after the Credit Crunch in 2007 when a large number of people through no fault of their own found themselves out of work and struggling financially. The result of this was missed loan or mortgage payments and defaults which then showed up on their credit files.
In an economic situation where lenders were getting more careful about who they were lending to it became tougher for people to borrow money, and with a poor credit history it became both complex and expensive.
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It was during this time that there was a huge increase in extremely high cost payday type loans, and in return to this new lenders started offering the much more affordable guarantor type of loan, and have accommodated tenants almost from the very start.
For a tenant, the financial alternatives at best are specified. Since you do not own any property, the lenders do have a dilemma in releasing the monetary assistance. What they are looking for is some sort of payment assurance. In your state, this is not quite attainable. There are more problems to deal with, if you are found to be having issues related to credit. As far as the lenders are concerned, they may never agree to your loan application. Yes, obtaining the funds becomes a bit complicated. But it is nevertheless possible. Instead of relying on the traditional lenders such as banks, you can look for support elsewhere. When there is urgency and you are looking for a viable way to deal with the crisis, then it seems proper to avail the option of guarantor loans tenant.
As of now, most of the leading online companies are offering these loans. These loans do have certain reservations. But keeping in mind your specific situation, there is nothing much you can do. However, with the loans for tenants, you are indeed in a position to derive assured funds for a short term period. Because you are pre- occupied with the thought of resolving your immediate crisis, the easy accessibility of funds in brief time certainly helps.
Unlike homeowner loans that are meant for applicants who are qualified of offering collateral, the tenant loans are a bit unusual. At best with these loans, the tenants stand a chance to source continuous flow of money. This is of course beneficial, as you are more concerned in getting rid of the approaching crisis.
Loans for Tenant with unsecured Guarantor loans– Assured Relief
To an extent, your issues with bad debt do influence the outcome of the loans. But it is also clearly evident that without seeking any external help, it will be impossible to improve the existing scenario. In a way, the loans for tenant do appear to be flexible alternative, which you can put to use to remove the financial hurdles. However there is one condition that you must abide by. The fact that you are providing a guarantor will indeed enhance the chances of deriving the loans. The guarantor should be someone from your family and must have a perfect credit score. By presenting a guarantor, who can vouch for you and is willing to make the payments if you default, will assist you secure the funds, with much of any hassle. What more, you can expect to acquire the loans at competitive terms, as the lenders have the guarantor to bank upon.
These loans will also help a great deal to improve the credit score. In this regard all you have to do is to ensure timely repayment of the borrowed amount.
Simplified Application for Inst Approval
It is almost certain that you will be looking for a quick way to derive the funds needed. Coming to the application process involving these loans, it does not appear to be burdened with too much of paperwork. All you have to do is to check out the offers made by the various online lenders. Once done, you are then required to fill in the relevant information in the online application form. After submitting the application, the lenders will take some time to evaluate your request. If everything is fine with the lender, then the amount applied for will be delivered in to your verified bank account.
Prior to the availing of the loans, you must make a formal research. This way, you will then come across ideal offers on tenant loans, despite having poor credit issues.
The amount made available under the tenant guarantor loans is not large enough. But then, those struggling with imperfect credit score can indeed utilize the funds authorized to sort out their needs. Moreover, the interest rate charged on the loans tends to be on the higher side. If you are willing to pay the enormous interest rate, then there is nothing wrong in going for these loans. At the end of the day, it basically comes down to securing the funds from a reputable lender. The most important thing to consider is how you want to attain the funds and utilize it.
What if I can’t keep up my repayments?
If you can’t keep up with your repayments you must contact your moneylender immediately and advise your struggling with the monthly installments some companies will adjust your monthly installments to reflect what you can afford to pay back on a monthly basis please note that this can also extend your term of the agreement and probably the amount of interest that you end up paying back. You’re never advised to just stop paying your agreement as this may result in interest being charged on the agreement and missed payments showing on your file this could make obtaining further down the line a lot more difficult.
What do i do next?
Next is the fun bit you need to click on the apply button and fill out our simple online form designed to make sure the whole application as smooth and pain free as possible. The whole application process from start to finished shouldnt take you longer that 3 minutes its as simple as you can get.
*Subject to lender approval and requirements.