Loans for Non Homeowners – Borrow Money without Collateral

2007-03-08 10:33:40

( Financial )



If you’re going through a crisis or you have plans that require more than you can afford with your present finances, getting a loan often becomes the best option. There are so many companies offering financial support that getting a loan seems to be no problem, except most easily accessible loans require collateral. For those who don’t own a house or any property, there are available loans offered to non homeowners in your situation.

Loans for non homeowners are unsecured loans – these are loans that are funded without the need of any collateral such as a house or property. It is designed exactly for non homeowners including tenants and students.

The Key Benefits of Loans for Non Homeowners are:
• No need to own a house to get qualified for a loan
• No risk of losing your home or property
• No property valuation reports - simpler and faster process
• Often available to people with poor credit standing

On the other hand, loans for non homeowners pose greater risk to lenders because of the lack of collateral or security. For this reason, they have the following drawbacks:

• Higher interest rates
• Higher monthly installments
• Short loan terms
• Limited loan amounts

What can I use a Tenant Loan for?

Tenant Loans can be used for any purpose such as to pay for tuition, weddings, home renovations, vacation trips or medical expenses. If you have other loans or credit to pay, a tenant loan can be helpful in reorganizing your finances. You can use your loan much like you would refinancing loans - consolidate loans from other lenders, pay off all your other debts and have only one lender to pay.

Unlike standard loans, however, loans for non homeowners are more difficult to obtain for the lack of a solid guarantee of payment. What lenders do before approving a loan is to assess the borrower’s credit record and capacity to repay the loan. A proof of income is necessary in this process. If you have a bad credit history, you may still qualify. Although, having a decent credit standing would of course be better.

With the ever increasing demand for loans for non homeowners, you will find more than a handful of financial companies that can provide you with the service. You can make online applications, work with an agent, or go personally to finance centers. If you’re a non homeowner seeking a loan, carefully consider your options, compare loans available to you and borrow only what you can afford to pay.


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