Since these loans are unsecured loans, thus,
by admin on Jul.28, 2010, under Uncategorized
Since these loans are unsecured loans, thus, there is no obligation of pledging any security and due to this reason a tenant can easily opt for this loan option.
As there is no requirement of security, therefore all types of tenants including council tenants, housing association tenants, MOD tenants, private landlord tenants, living with parents, housing executive tenants can apply for these loans. But, fulfillment of some criteria is necessary in order to get unsecured loans for tenants. The criteria are as follows:
? A borrower should be a fulltime employee and his monthly income should not be less than 1000
? Having an active checking account, which has direct debt card acceptance facility is mandatory
? Borrowers must have a valid identity as well as residential proof.
? And last but not the least, having a contact number, it could be mobile or landline is necessary.
The package, offered as unsecured loans for tenants is ranged from 1000 to 50,000. However, while deciding the borrowed amount, borrowers? income, credit score, repayment capacity etc are taken into account. Based on the borrowed amount, the repayment period is decided, but generally, these loans are given for 5-10 years.
The absence of collateral enhances the risk-factor of the borrowed amount.
business loans
