Bad Credit Tenant Loans - Savior of Tenants With Poor Credit

Tenants with poor credit have two things going against them- they have no home to provide as collateral and their credit history makes them appear highly risky customers. But with bad credit tenant loans, they have a reason to smile. As the name implies, these loans were devised to disregard the two hurdles- no collateral and bad credit, so that such tenants need no longer despair about money.

Bad credit tenant loans exist for tenants who have a credit record marred by cases of bad debt like arrears, defaults, bankruptcy, County Court Judgments and/or IVAs. They may be any kind of tenant- PG tenants, council tenants, MOD tenants or non-homeowners; it doesn't matter. They can borrow these loans to finance their vacations, weddings, education, debt consolidation or auto financing.

Bad credit tenant loans can be granted to any candidate who satisfies these criteria:-

* Proof that he has lived at the current address for the past twelve months

* He should be fully employed and earning regular income

* He should have a valid bank account

These criteria are pretty basic in nature and so, there is little cause to worry about eligibility for a bad credit tenant loan.

Suitable candidates can borrow a bad credit tenant loan for an amount up to £25000. The repayment duration stretches from 1-10 years. As these loans usually come with a high rate of interest, it is better to opt for short repayment durations.

A bad credit tenant loans not only solves its borrower's financial problem. By making repayment on time, the borrower can also gradually rebuild his poor credit status Therefore, it can be said that a bad credit tenant loan not only takes care of the double complications of being a non-homeowner and having poor credit, but also gives double profit by making borrowing possible and helping in credit improvement.

Johns Tiel holds a master degree in Commerce from JNU. He is working as financial consultant in Chance For Loans. To find Bad Credit Tenant Loans, secured personal loan finance, debt consolidation loans that best suits your needs visit http://www.chanceforloans.co.uk

Source: http://ezinearticles.com/?Bad-Credit-Tenant-Loans---Savior-of-Tenants-With-Poor-Credit&id=1418449