Tenants need not let their previous bad credit performance hold them back from borrowing the money that they need now. There are many lenders who are seeking out bad credit borrowers who need to make needed purchases but lack the funding to do so. These lenders do not require that the borrower has collateral to pledge as security to receive the loan. These types of loans are known as tenant loans, and if you are a non-homeowner, you can apply for yours today.
Lenders Looking For You
Bad credit can haunt you for years, and there are many reasons that your credit may be less than perfect, but your servicer cares less about your borrowing history than your borrowing future. If you have adequate income, the lender looks at your lack of a huge mortgage payment each month as an asset.
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It is a personal loan written out to those individual borrowers who do not own their own homes and either rent an apartment or home or live with others, such as relatives or friends. Even those borrowers with bad credit are being sought for tenant loans in amounts from $500 up to $10,000 or more, depending upon their personal needs.
Money For Many Purposes
It can come in handy for those who are looking to make major purchases without the benefit of having collateral to secure a traditional loan, nor the credit rating that lenders are looking for. It is very important when applying for it that you only borrow the amount of money that you truly need and only an amount that you can afford to repay based on your current income and other financial obligations that you have made to other lenders.
Tenant Loans Help Rebuild Credit
For borrowers with bad credit, the tenant loan provides you with the advantage of being able to improve your credit report and credit score. Your good performance will be noted by your tenant loan servicer either monthly or quarterly to the three major credit reporting bureaus (Equifax, Trans Union, and Experian).
Keeping up with your payments means that you should make every attempt to pay earlier than scheduled to avoid paying late. This is especially true if you are mailing your payment to your tenant loan servicer. If at all possible, arrange for online payments with your tenant loan servicer, or for an automatic debit from your checking account each month when the tenant loan payment becomes due.
You can find the lowest interest rates and best terms on your new tenant loan by using an online lender. Online lenders face stiff competition from other lenders on the Internet, and therefore offer reduced interest rates and friendlier repayment terms. Additionally, the application for your tenant loan with an online lender can be electronically submitted for faster approval and faster disbursement of your tenant loan funds to your bank account via electronic funds transfer (EFT).
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