Nowadays, in the UK major ratio is constituted by tenants or non-homeowners. With several loan opportunities arising for homeowners, it may seem as if there is a dearth of opportunities for the non homeowners or tenants. But this is not true. An opportunity called non homeowner loans is available to tenants to take care of their financial needs or luxuries.
Non Homeowner loans are short term unsecured loans that are offered to people who do want or do not have valuable collateral to pledge against the loan amount. People like house association tenants, adults who are living in their parents' house, students and PGs can take up the loan for their needs and desires. To qualify for non-homeowner loans, borrowers have to show proof of regular residence for at least 6 months.
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Non-homeowner loans offer the amount in the range of £1000 to £25000 for the repayment period of 6 months to 10 years. The amount offered is depended upon various criteria such as income of the borrower, credit history as well as repaying capability. The amount availed can be used for fulfilling various purposes such as debt consolidation, home renovation, car purchase, educational funding, daughter's wedding etc.
The rate of interest charged on non-homeowner loans is slightly higher than secured loans. This is because of non-attachment of any valuable collateral. Well, the rate of interest can be lowered down by conducting an effective research for deal offers.
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Borrowers who marked with bad credit score such as CCJ’s, IVA, arrears, defaults and bankruptcy can also avail unsecured loan for them. Though, interest rate is higher due to risk in repayment. So, it is mandatory that borrower must avail affordable rates by proper research for a lender on Internet.
Online research and loan calculator helps the borrowers to compare with different lenders. By comparing all pros and cons of a loan quote, the borrowers can choose the most suitable deal of non-homeowner loans.
Summary
Non homeowner loans are available to the borrowers who do not have or do not want to pledge assets of their own to borrow money. These loans are collateral free loans which can be used to meet various needs and luxuries. |
