Bad Credit Tenant Loan

People who have bad credit history and who can not provide any permanent property as security against loan can apply for the Bad credit tenant loan. In present scenario anyones financial condition can worsen at any time. They can fall in debt traps however this does not mean that they should not be provided any more loans to come out of their situation.

So, these people should apply for Bad credit tenant loan which are easily available to them at a lower interest rate compared to the other loans.

Bad credit tenant loans: Eligibility
Bad credit history indicates that the borrower have not honored and followed the terms and conditions and have defaulted in making payment on time when they have taken loans earlier. FICO credit score of such people is 580 or below on the scale ranging from 300 to 850. Bad credit tenant loan are offered to bad credit record holders and are unsecured loans. So, to ensure security, lenders like to see the income source and financial standings of the tenant. Also, due to insecurity the interest on these loans are high as the lenders need money for the insurance of the loan they are providing.

HOW TO OBTAIN THE BAD CREDIT TENANT LOAN
-First step is to decide how much credit you require. -Then you have to think how much you can repay per month as installments. -After these two steps search for a lender who suits you to make an ideal deal. There are many online lenders too, so you can gather information about them easily. Also, they dont charge processing fee so availing the loan is reduced. -Now apply for the loan. -And the last step is to go through the terms and conditions carefully; there may be hidden terms in them which can bring troubles to you at later stage.

BAD CREDIT TENANT LOANS: AMOUNT AND INTEREST
Through Bad credit tenant loan you can get anything between 200 and 25000. The time to return the same varies from 3 to 25 years. The rate of interest depends on the time you choose for repayments, your income, credit score and financial status.

BAD CREDIT TENANT LOANS: USAGE
There is no restriction for using this loan for a particular purpose. So, Bad credit tenant loan can be used for simply anything. It also helps in increasing ones credit rating.

Mathew Kenny is offering loan and financial advice for quite a long time. He is working as the senior financial consultant with UK Tenant Loans. To find tenant loans, bad credit tenant loans, loans for tenants, unsecured tenant loans visit http://www.uktenantloans.co.uk

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One In Three 'Lack Credit File Knowledge'

About a third of Britons do not know what the purpose of a credit history report is, new statistics show.

According to a study carried out by Garlik, 33 per cent of those surveyed are unaware that the file is used by credit lenders when judging whether to grant a personal loan to consumers and the amount of interest that they will be charged. Meanwhile, about one in five respondents did not even know that such a report is ever held in their name.

The findings also indicated that only a quarter of consumers have checked their credit history over the last five years, with about half of these said to have done so once during this period. Young adults were said to be the most under-informed about credit reports, with almost half (48 per cent) said to be ignorant on why the file is used.

Chief executive for the data protection company Tom Ilube said: Credit reports have historically been used by financial organisations before offering individuals credit. However, online identity fraud is rapidly increasing, with the average persons ID worth an estimated 85,000 to fraudsters, so it is becoming increasingly necessary for people to take matters into their own hands and ensure they remain on top of their credit files.

A Garlik case study revealed that a young mother had developed debts of some 9,000 after her identity was stolen as the thieves borrowed money on plastic cards, car finance deals and other forms of credit in her name and attempted to take out a mortgage. Consequently, she is now reported to be unable to get a car on credit. Katie, like all of us, can best prevent identity theft by proactively and regularly monitoring her credit report, Mr Ilube added.

Meanwhile, Melanie Mitchley, director of industry relations for Callcredit, claimed in January that those whose credit history has been the victim of identify theft can find their financial pressures intensifying. It can take many hours work over several weeks, even months, for someone to recover control of their identity and sort out their credit file, she claimed.

Earlier this year, figures released by Which? revealed that those who regularly check their financially history with all three credit reference agencies - Equifax, Call Credit and Experian - are more likely to get a cheap loan. The consumer watchdog reported that as loan providers use different information when making decisions on whether to approve borrowing consumers could secure a more competitive rate of interest by getting a copy of their file from each reference group.

Meanwhile, about a fifth of Which? Consumers who have recently had their credit file checked out were said to have found a mistake with their report. Figures from the company also revealed that seven out of ten respondents have never verified their files with a credit reference agency.

As a result, editor for Which? Money Martyn Hocking claimed that for the cost of 6 checking credit files could be money well spent for consumers looking for a low-rate loan.

Abbi Rouse writes for Essentially Home Loans. Our visitors can apply online for secured personal loans and debt consolidation loans at the lowest interest rates.

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