There has been a plethora of news lately about homeowners who are struggling to pay their mortgages, but what about renters and tenants who do not have the luxury of owning their own homes? In most cities across the United States, lease or rent payments that must be made by tenants and renters is equal to or in many cases, more than the cost of the mortgage on a fine home. Rent as much as $2000 is not always easy to come up with in the current economy, and these tenants will never have the satisfaction of calling the place that they rent or lease their asset.

If you are a tenant, you are well aware that if you do not have the money to pay your rent, you are subject to a speedy eviction, unlike those with a mortgage in arrears who are afforded the courtesy of negotiating with the mortgage holder before they are forced out onto the streets. To add insult to injury, tenants often have lower credit ratings and do not qualify to borrow the money they need to help them stay afloat during these uncertain. There is hope, however. If you are a tenant, you are being sought as a borrower for a bad credit tenant loan to help you pay your monthly bills, rent, and other needs.

Tenant Loans Help Cover Expenses

There are lending companies who specifically write bad credit tenant loans, tailor made products that are designed to allow tenants with less than ideal credit histories a chance to borrow the money they need. Those who are eligible to take out a bad credit tenant loan include individuals and families who do not own the residence in which they reside, or that live with their parents, relatives, or friends. You can use your bad credit tenant loan to help you meet the expenses involved in maintaining your residence, such as utility payments, electricity, water, and other expenses.

Your bad credit tenant loan can also be used to make major purchases, like furniture, appliances, or even a vehicle. Many borrowers of bad credit tenant loans use their proceeds to pay for education or even take a long-dreamed-of vacation. Regardless of what need you might have for a bad credit tenant loan, there is a lender out there who is willing to offer you a tenant loan with favorable terms to fit your budget.

Types Of Tenant Loans

Most bad credit tenant loans are written out as a type of unsecured personal loan, although there is a secured version of the tenant loan available for those who have some type of asset that is acceptable to the lender to pledge as collateral. The unsecured bad credit tenant loan does not require that you pledge assets to secure your loan, making it a signature only loan.

Many borrowers of these types of the unsecured tenant loan also choose to apply for their loan with a cosigner who agrees to make their tenant loan payments if they should fail to do so for any reason. You can choose to apply with or without a cosigner. If you apply with a cosigner, your cosigner should have good credit and adequate income to repay the lender if necessary. The tenant loan that is written in an unsecured version costs more in terms of interest than the secured tenant loan, but is often the only choice for tenants who own no assets of worth.

Saving Money On Your Tenant Loan

Saving money on your bad credit tenant loan is easy if you use an online tenant loan servicer to process your tenant loan application. Many online lenders offer bad credit tenant loans in amounts as high as $5,000 and also feature a greater rate of approval than your neighborhood lending institution or bank.