Let us start by understanding the meaning of the term non-homeowner.
According to the concepts the applicant who applies for the
loan is considered as a loans non homeowner if he does not own
a real estate property.
Not all loans non homeowner are unsecured.
There are car loans for non-homeowners that are secured by the
car. Non-homeowner loans are loans that are taken without giving
These loans are specially made for people who do not own a property. Tenants,
both council tenants and tenants with private lenders, can get
their monetary needs roofed through the non-homeowner loan it
also includes people who have been living with their parents
parent house. It is mostly offered as an unsecured personal
loan but when the person gives something else as a collateral
then this unsecured loan can be converted into a secured loan.
Since generally there is nothing that is kept as collateral
in securing the non-homeowner loan and even if it is kept it
is not as precious as a house so you don*t have to bear the
threat from the lenders*. The only way that a lender can recover
his money if the borrower fails to repay is by suing the borrower.
For these reasons the lenders prefer to have borrowers with
a good credit history. A person who has a good credit history
is less likely not to pay the amount. This does not mean that
people with bad credit history will not be able to get loans.
There are lenders who provide loans to people with a bad or
There are certain criterias that a person should fulfill before he applies
for a non-homeowner loan. These include:
* The person should have an employment or any other source of constant or regular income.
* He should produce his computerized salary slips to qualify for the loan.
* His bank account should have a direct debit facility.
* He should provide proof of residence and identity.
* He should have been regular in paying his rent.
* The borrower should have a landline telephone. If he has a mobile he should produce a copy of the agreement.
The loans non homeowner can be used for
any purpose like for consolidating debts, personal use. But
keep in mind that these loans are smaller in amount. The terms
would not be as attractive as homeowner loans but there is no
other financial option left for non-homeowners.
Non-homeowner loans are existing for debt consolidation to consolidate debts
and save money, also for non-homeowner home improvements, a
non-homeowner new car, a non-homeowner motorbike, a non-homeowner
holiday break, a non-homeowner deposit towards a large purchase.
Some non-homeowners have low income and some non-homeowners
are on DSS benefits. Non homeowners may have had finance troubles
in the past because of low income and now have a bad credit
history, poor credit rating or general adverse credit such as
defaults, CCJs or non home owners rent debts. The non home owner
loans lender should promise your new tenant loan repayments
do not go beyond a percentage of your income but only you know
your true costs of living so it is very important that you make
sure that you can afford a non homeowner loan.
Borrow only that much amount which you can repay easily. Lenders
mostly prefer people with a good credit history for non-homeowner
loans. But if you have a bad credit you dont have to worry either.
There are lenders* willing to loan out money to people with
bad credit also. The difference will be that you will be charged
a higher rate of interest.
Before you decide on a lender do a thorough market survey and get all the
possible lenders who deal in non-homeowner loan you can try
and contact your Local Citizen Bureau, which will give you details
about the lenders. You can also contact a few government-authorized
agencies that can help you getting in contact with an authentic
agency. After you have done a survey you can contact them and
get their quotes, which are free of cost. They provide you with
a quote that is in accordance with your financial condition.
Once you have the quotes you can compare the rates of interest and the various terms that you can request them for. Getting the rates you can also decide on which lender you want to deal with. Check for the APR (annual percentage rate) that will be mentioned and it includes the total amount that you are expected to pay. The credit score plays a very important role in helping the lender decide whether he should give you the non-homeowner loan or not. In case you have a bad credit score then also you can qualify for a tenant loan. It is a usual tendency of lenders to loan out money in spite of a bad credit because they get to charge you a higher interest rate. If you want to escape paying high interests rates you can improve your credit rating. This can be done within a month or two; many agents or credit repair agencies are available these days that can help you improve your credit status. But it is better if you do it yourself. It is a better consideration to first recover your credit rating and then submit an application for a loan.
Getting a loans non homeowner
is not a problem these days you just have to look for the right
lender for the loan.
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