These loans are custom made for all those applicants who are having CCJs, IVA, arrears, defaults etc. with these loans, you have the freedom to pursue all your demands which was not possible sometimes back. You can purchase a new car, go for home renovation, wedding purposes, paying for a holiday package and even consolidating existing unpaid debts.
You have the option to avail these loans broadly in two categories of secured and unsecured loans, based on your financial requirement and prevailing circumstances. If you are looking for a bigger loan amount, then you must consider the secured form of the loans. To raise the finances under these loans, you are required to attach any valuable asset as collateral. Since the amount is secured against an asset, the rate of interest for the loans is comparatively low. Moreover, the repayment period too is beneficial as it stretches over a period of 5- 25 years.
Through the unsecured option of these loans, you can borrow a maximum amount of up to ?25000. It simply implies that a borrower like tenant or non home owner can easily go for these loans. However the interest rates for the loans are slightly higher which makes it a bit costlier. The repayment period too is not that large and falls in between 6months-10 years.
Before applying for these loans, you should see that that your credit report does not contain any errors. Always try to shed off some debts of smaller amount to improve the credit score.
To avail poor credit tenant loans at competitive rates, prefer using the online mode over the traditional modes. By comparing the quotes of online ends, you may come across lenders offering these loans at competitive rates. By making regular payments, you will be able to increase the credit score subsequently.
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