Imagine yourself in a situation with no work or home yet you have to live on and pay for your rent every month. Sometimes, you feel nothing could be worse than this. Perhaps, this is the only reason why loans for unemployed tenants do exist, to provide hassle free financial support to the unemployed tenants.
With the help of these loans, tenants and non-homeowners who are unemployed can easily access funds for their requirements and utilise if for various purpose such as paying rents, bills for phone, grocery, medical, etc. The amount can also be use for weddings, holidays, education fees, repairing cars, too. The purpose of the use is unlimited depending on the needs of the tenant or the borrower.
Loans for unemployed tenants are unsecured in nature and do not require any collateral. Under this circumstance, the amount is usually fixed from £ 1000 - £ 15, 000 with some offering as high as £ 25, 000. The repayment duration time is also often fixed between 1-10 years for the tenants or borrowers to repay back.
Being unsecured in nature, the interest rate or APR of loans for unemployed tenants is quite high. However, the general loan processing is fast and convenient as there are no documents or paperwork require. Besides, with the high level of competition amongst the lenders, tenant borrowers can also take the opportunity and look out for loans for unemployed tenants with lower interest.
To avail the loans for unemployed tenants, lenders will require that you produce a residential proof provided by the land owner showing that you have stayed there for at least 12 months. An active personal bank account is vital for the loan to be deposited directly into your account.
Tenants who are suffering from CCJs, defaults, late payments, IVA can also apply for the loans for unemployed in order to meet their various financial requirements. These loans will give tenants and non-homeowners an opportunity to meet all their financial needs and even improve their credit scores if any; the right opportunity to avail good cash even without a home or a property.