Are you worried that you might not qualify for a loan because you do not own land; property or a house? You can take a sigh of relief. There are loans available in the market especially for people who dont have landed property of their own.
It is a fact that people with property are more preferred when the question of loan comes. It gives the lenders a sense of security that they are lending out money to people who own a house. But you dont have to bother yourself if some lenders have refused to loan out money to you. Loan lenders do prefer homeowners but it isnt that they do not provide to the borrowers other than homeowners. You as
Loans non homeowner too can get excellent deals in non-homeowner loans.
Loans non homeowner are particularly suited to people who do not own a property or home. 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 obtained 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 dont 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 les 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.
Requirements to get a Non-homeowner loan
There are certain criterias that a person should fulfill before he applies for a non-homeowner loan. These include:
person should have an employment or any other source
of constant or regular income.
should produce his computerized salary slips to qualify
for the loan.
should have a direct debit facility in his bank account.
should provide proof of residence and identity.
should have been regular in paying his rent.
borrower should have a landline telephone if not then
if he has a mobile phone he should bring a copy of the
The loans issued to non-homeowners 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 might not be as attractive as homeowner loans but there is no other financial option left for
Loans non homeowner .
Selecting a lender for Non-homeowner loan
Before you start looking for a
Loans non homeowner clear your accounts and decide how much loan are you in need of. Sort out the reason for which you want the loan.
Take a loan of only that much amount which you can pay back easily. Lenders mostly prefer people with a good credit history for non-homeowner loans, but if you have a bad credit history you dont have to worry either. There are lenders willing to loan out money to people with bad credit also. The difference is 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. Make sure that you verify the annual percentage rate that will be mentioned and it add in the total amount that you are expected to pay.
Once you have gone through all this and decided upon the lender request for an agreement. Before you pen down your signature be sure to read the contract cautiously. Dont forget to read the fine print too that many a times contains important information.
Loans non homeowner are available 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. Several non-homeowners have low income and some of the non-homeowners are on DSS benefits. Non homeowners may have had monetary problems 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 guarantee 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.
Do not bite off more than you can chew or else you will be adding to your financial problems.
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