Friday, May 9, 2014

Tenant Loans For Non-Homeowners - $10,000 Monetary Relief Available Now

If you are a tenant or lessee, you are at a disadvantage when it comes to borrowing the money that you need. Many lenders require that borrowers have some type of collateral in the form of a home or other piece of real estate in order to qualify for even small loans. Fortunately, a special lending practice allows for lenders to process what are known as tenant loans for those who do not yet own their own home. If you rent your home or live with parents or other relatives, you may qualify for special loans in amounts from $2,500 to $10,000 (more in certain instances).

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Qualifying For Your Tenant Loan

Not everyone is at a place in life where home ownership is right for them, and therefore, as tenants, they have no collateral to pledge. This makes lenders view these potential borrowers as more risky to deal with because the lender must write the loan with the sole promise that you will repay; nothing is backing up the note. With a tenant loan, the lender accepts this risk and relies more heavily on other information in your loan application in order to process your request to borrow money.

These lenders will look very closely at your ability to repay the lender by examining your employment history, years of employment, and (perhaps most importantly) the amount of money that you bring home each week or month. For married tenants who apply jointly for a tenant loan, the income from both parties will be scrutinized and in many cases having a joint applicant will improve your chances of borrowing more money because you have a greater amount of income coming into the household each month.

Borrow Up To $10,000 For Many Needs

Tenant loans are written in amounts that average around $2,500 on the low end, up to $10,000 on the high end. There are borrowers who will qualify to borrow more, such as those borrowers with bigger incomes and those who have been with the same employer for a greater length of time. As mentioned earlier, the lender looks at how long you have been employed without a gap in employment; being with the same employer for a long period of time also adds to the stability of your application and makes you a more appealing borrower for this type of loan.

There are many reasons that you may need to take out a tenant loan. Many borrowers of this type of loan use their loan proceeds for purchasing furniture, electronics, computers, vacations, cruises, or to pay for education. Because this is a type of personal loan, there is no specific need that you must state to the lender when applying - the loan is yours to use as you see fit. The terms of the tenant loan typically run for twenty-four to forty-eight months, but of course larger amounts might be financed for a longer period.

Tenant Loans Approved In Under 24 Hours

When applying for your loan, you might consider doing so online. Online lenders have the biggest turnaround time when it comes to this type of loan product, and often can offer approval of your tenant loan in less than a day. You can elect to have your loan money deposited into your checking or saving account electronically to speed the process up even further.

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