These loans can be availed from various lenders. You can get the tenant loans based on your monthly income. You have to provide information about your income, address, checking account number as well as proof of your age. The verification process is quick. These money lenders have a wide network that does the verification in few hours. And, once the information you have provided in the application form is proved to be correct, your application is approved.
After approval, you get a call to discuss the repayment terms. Upon a common agreement of the repayment term, you get the cash transferred to your checking account within one hour. The entire process takes no longer than 24 hours. This is why the schemes are known as fast cash tenant loans. Not only does these schemes serve the purpose of offering loans to people who cannot place collateral, the process is so fast that you do not have to wait for long.
To make the process even more fast, most companies do not even ask you to fax in papers relevant to your application. These companies treat these loans as unsecured loans as there is no collateral. Under unsecured loans, the amount you can get as a loan depends upon your income versus expenses ratio. The interest rate is a bit high as compared to the secured loans, where you place some collateral. The repayment tenure ranges between one to three years.
In case of fast cash tenant loans, there is a prepayment penalty, which means that if you pay off the entire loan before the specified tenure, you have to pay some amount extra as a penalty to compensate for the loss on interest.
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