Even if you could not make timely payments in the past, or had errors in your name, had defaulted on payments and you may even have CCJs, still, thanks to the growing intense competition in the loan business that a new loan is possible to take out. Tenant loans for bad credit also can be found, but the borrower should be aware of its various aspects and its pitfalls as well.
These loans are meant for all types of tenants, such as living in councils and with parents. They can borrow £3000 to £25000 for a short-term of 5 to 10 years. It is a risk-free loan for the borrower, as the lenders do not take collateral. The loan can be used for paying off tuition fees, meeting urgent bills, clearing old loans, purchasing a car, going to holiday tour etc.
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In the absence of collateral and to cover the risks, the lenders charge interest at little higher rate on tenant loans with bad credit. Still, you can preplan the loan and its repaying of the installments since the rate is usually fixed for the entire duration.
You must get copies of your credit report to ensure that it is fully free of any errors before the lenders lay hands to it. They will determine the terms and conditions and interest rate after studying the report.
On timely repaying the loan installments, your FICO-rating can be improved in the coming years. But do not rush to the lenders in haste. First take out the rate quotes for making extensive comparison of the lenders in order to find out these loans at competitive rates. Note down the additional charges, which can make the loan costly or less burdensome. Since your aim is to repair your rating, timely repayments should be your priority. Borrow the money according to your repayment capacity.
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