Easy Bad Credit Tenant Loans For All Borrowers

[Dolores Hemingway]

We keep hearing in the daily news about homeowners who cannot afford
to pay their mortgage payments, but what about those individuals who
are not homeowners? There are millions of people who do not have the
luxury of owning their own home and are forced to pay rent, sometimes
up to $1000 a month just to have a roof over their heads that they
will never own. Tenants are affected by the financial crisis in much
the same way as homeowners, only they will not have months of
negotiations with mortgage companies before they are forced out of
their homes.
In many cases, tenants who are unable to pay their rent can be evicted
in just one week. Lots of tenants who need to borrow money to help
cover expenses during uncertain times do not have good credit and are
rejected at the bank when they put in for a loan. If you are a tenant
struggling to stay afloat during the financial crisis, perhaps you
should consider a bad credit tenant loan that can help you pay your
rent and more.
Cover Expenses Today
A bad credit tenant loan is made to those who do not own their own
home, such as those individuals who rent their residence, or live with
parents or other relatives. This loan can help you cover the expenses
of renting, including utility payments like electricity, water, sewer,
garbage or trash removal, and other expenses. It can also be used for
other purposes.
Lots of tenants who take out this type of loan use their money for
buying furniture or appliances, paying for education, to cover holiday
expenses, or taking a much-needed and much-earned vacation. Whatever
purpose you have for, there is a lender willing to write the loan for
you under terms that you can afford.
Two Types Of Bad Credit Tenant Loans To Choose From
It can be secured or unsecured, although most fall under the unsecured
version. The secured bad credit tenant loan involves you pledging
collateral, such as the title to your automobile, to secure the loan.
The lender places a lien on the title until you repay your loan.
This type of loan is cheaper in terms of interest than the unsecured
version because the lender is not risking as much to loan you money -
they can always repossess your automobile and sell it to get their
money back. The unsecured bad credit tenant loan is relying on your
good name and integrity to ensure repayment, and thus is more
expensive in terms of interest. To reduce your interest rate on an
unsecured bad credit tenant loan, you can always apply with a
creditworthy cosigner - doing so can reduce your interest by several
points.
Apply Online Up To $5,000
You can save even more by applying online. Online lenders tend to
offer bad credit tenant loans of up to $5,000 and have a greater rate
of approval than smaller banks that do business in your hometown.