Most of the secured loan schemes revolve around placing one's own home as security. Investing to buy a new home is undoubtedly one of the best possible investments possible. Most banks sanction homeowner loans immediately upon receiving the application. On the other hand, tenants who do not have a home of their own are at the suffering end. But they fail to realize that there are specific loan schemes to help tenants to a great extent. More importantly these are unsecured loans are decided almost instantaneously. Let us discuss how these fast cash options are advantageous
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1) Quick Approval Times
2) Credit History is of Least Concern
3) Flexible repayment periods in spite of interest being high
1) Quick Approval Times
Tenant loans have very little legal process associated for the simple reason that you are not submitting any kind of collateral and associated legal ownership documents. This simple nature of these loans have enabled these loans to be available completely online. You can apply for these loans through any bank's website and your loan application would be approved within days.
2) Credit History is of Least Concern
These loans don't guarantee very high loan amounts. They are very much lesser than 25,000 Pounds (UK). But this actually brings an indirect advantage enjoyed by most of the unsecured loan types. These loans do not require a very good credit history on part of the borrowers. Generally banks don't bother to lend amounts as low as 10,000 Pounds than to to lend higher amount secured loans.
3) Flexible repayment periods in spite of interest being high
One common feature of any type of secured loan is the high interest rate. This is understandable as borrower doesn't have any need to submit a collateral. However competition among banks has forced banks to offer flexible repayment periods for the customers. Repayment periods are generally customizable.
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