Let's face it, getting a tenant loan when you have a history of poor credit is difficult. Few of the major UK banks or building societies will entertain you and out of the hundreds of lenders that provide finance in the UK, only a tiny percentage will consider such a loan.
So, what exactly is bad credit?
Bad credit could be missed payments on existing loans or even loans that you had in the past where you missed payments. It could be defaults; where you didn't pay off the loan off entirely. It could even be CCJ's where the lender has taken out a court order against you to enforce you to pay off the default.
To some, these are indications of poor management of credit by the individual but this is not always the case. In fact, many tenants looking to take out a tenant loan with a history of poor credit, are not directly at fault. In many instances, the borrower has been made unemployed or been off work through illness or injury and have been unable to earn the money necessary to pay off their debts. Before they get back into a position where they can make good any arrears on their tenant loans, the lender has decided to foreclose. There are many other reasons why a tenant may find themselves with a poor credit history but whatever the reason, tenants need loans just the same as homeowners so why should they have all the fun, right?
Where can you go to get a tenant loan?
Well, there are a few lenders that specialise in tenant loans and are prepared to accept arrears and other areas of poor credit to enable the unsecured personal loan to go through. Specialists in tenant loans like http://www.FeelGoodLoans.co.uk , have access to a wide variety of tenant loans lenders, including those that consider poor credit unsecured loans. It's always worth asking the question if you're a tenant and in need of an unsecured loan. It may sometimes be true that the interest rate that you are charged reflects the level of risk to the lender and you will need to think about that whenyou get the figures in writing but it's not always the case. Things that you may have considered to be important with regards to your tenant loan application, may not necessarily be so to the lender. As they will be lending the money, only they will be able to make that decision, so don't rule yourself out before you start!
What Can I Spend The Money On?
As long as it's for personal use (not for business use) you can use your tenant loan for just about anything. Most borrowers tend to use their loans for things like:-
- Consolidating their existing credit into one more manageable monthly repayment - A new car, motorbike or caravan - A 5 star, luxury holiday to a far off destination, or - A wonderful wedding to remember
Whatever the reason, and we're sure that you could probably think of many more ways in which you could spend the money, if you apply for your tenant loan, you might just find that you're succesful and that the problems that you had in the past may not necessarily stop you from enjoying life in the future. Of course, the only way to know for certain is to apply but hopefully, having read our article, it may just give you the confidence that you needed to go ahead and try.
For more articles by Andy Silk, visit FeelGoodLoans.co.uk, specialists in all types of loans and mortgages for UK homeowners and tenants.
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