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Loans non Homeowner

Non-homeowner Loans

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 any collateral.

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 in their

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 poor credit.

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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