For the previous decade until 2007 the start of the recession, there was a great availability of all sorts of loans, and loan lenders were vying for your trade.
Even tenants could obtain loans from companies such as Provident who are still in business and advancing loans to homeowners and tenants alike. A tenant is of course a non homeowner.
The problem with Provident is that the maximum loan has always been small. At present the maximum loan available for a first time borrower is 100, hardly a sum that would buy much nowadays.
There was a loan lender, Welcome Finance who not only arranged secured loans for homeowners, but also granted loans to tenants. This meant naturally that the loan was unsecured and as they also accepted a certain amount of bad status these loans came with a pretty hefty interest rate, but they were useful none the less. Welcome fell victim to the credit crunch and has ceased trading, leaving tenants out in the cold on the loans front.
Whee tenants can get a loan is from a pay day loan company who are charging unbelievable interest rates of up to around the 2000% mark, and this is not a joke, and this is the truth about the rates that these firms charge and even the inter net is full of this now.
Even worse is the fact that tenants are being forced to borrow money from illegal money lenders as they have no other hope of obtaining a loan. Money lenders have always thrived where people are at their poorest and most vulnerable, but now more people than ever use their services.
Homeowners are in a much more fortunate position as if they have equity on their property secured homeowner loans are available with interest rates starting at about 9%.
Bad credit secured loans are still available to homeowners with sufficient equity. - 30462
Even tenants could obtain loans from companies such as Provident who are still in business and advancing loans to homeowners and tenants alike. A tenant is of course a non homeowner.
The problem with Provident is that the maximum loan has always been small. At present the maximum loan available for a first time borrower is 100, hardly a sum that would buy much nowadays.
There was a loan lender, Welcome Finance who not only arranged secured loans for homeowners, but also granted loans to tenants. This meant naturally that the loan was unsecured and as they also accepted a certain amount of bad status these loans came with a pretty hefty interest rate, but they were useful none the less. Welcome fell victim to the credit crunch and has ceased trading, leaving tenants out in the cold on the loans front.
Whee tenants can get a loan is from a pay day loan company who are charging unbelievable interest rates of up to around the 2000% mark, and this is not a joke, and this is the truth about the rates that these firms charge and even the inter net is full of this now.
Even worse is the fact that tenants are being forced to borrow money from illegal money lenders as they have no other hope of obtaining a loan. Money lenders have always thrived where people are at their poorest and most vulnerable, but now more people than ever use their services.
Homeowners are in a much more fortunate position as if they have equity on their property secured homeowner loans are available with interest rates starting at about 9%.
Bad credit secured loans are still available to homeowners with sufficient equity. - 30462
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