Even with a history of payment faults, tenants have the options of taking out bad credit tenant loans if they can ascertain some conditions and prove their repayment capability. But they must ensure that costs are not high, so that debts do not accumulate again.
All types of tenants including living in council houses and with parents are eligible for these loans. Without taking collateral from them, the lenders usually want to know about repayment capability for approving an applicant. To ensure that approval, make sure that your borrowed amount is less than what you actually save each month to repay. Your credit report will be assessed for risks. Take free copies of the report and ensure it is free of errors.
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Since your credit history has cases of late payments, arrears, defaults and CCJs, be prepared to make interest payments at higher rates. A good amount of down payment can also ensure approval of the loan, if the loan amount is greater for car purchasing etc. other uses of the loan include home improvements, wedding, holiday tour, debt-consolidation and so on.
Bad credit tenant loans are given in the range of £1000 to £25000 for short-term of few months to 10 years. As you repay the loan, your credit rating will gradually improve. But make sure that borrowed amount is within your monthly repayment capacity.
Note that absence of collateral will prompt the lenders to charge interest at high rates. This will make the repayment highly burdensome as you may already be paying for other old loans as well.
There are numbers of lenders who claim to have offers of loans for tenants. Do not rush to them before you have actually scanned their claims. It is advisable to take out bad credit tenant loans at competitive rates and with fewer additional charges from online lenders after extensive comparison of them. Ensure that the repayment is on time in order to improve your rating in the coming years.
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