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Tenant loans-Quick Financial Support for Tenants
If you stay at others residential place because you dont own your place, you are referred as tenants. Your tenancy status is acting as a barrier in the application of the loan? Now dont get frighten and avail easy ad quick cash support applying with tenant loans. These loans are basically crafted for the people who are tenants and dont have anything to pledge as a security. Whenever you feel that you are in cash crunch, you can avail these loans for help without any hassle.
If you dont have the required amount of money to pay off your expenses on time, tenant loans can be a great help for you. As per your convenience and suitability, these loans comes in unsecured form. Hence, you are not required to arrange any valuable asset to pledge as a security against the loan amount. So, the applicant can enjoy this collateral free loan form in extremely hassle free manner. No faxing and paper work makes the procedure easier for you.
If your credit account is enlisted with various bad credit factors, you can find yourself in the greatest trouble. But here with tenant loans, the lenders accept all type of creditors irrespective of their bad credit status. You dont have to face any restriction and obligation by the lender in the loan approval. However, interest rates can be varied from lender to lender.
Amount of money that can be borrowed with council tenant loans can be ranges from £1000 to £25000 till the time period of 1 to 10 years. The loan money can be utilized in various ways that can be as follows:
-Paying off your previous debts -Prepare for your dream wedding -Higher education fee for your child -Paying off home installment -Meet your huge rent etc.
You can find an instant answer to all your financial worries by applying tenant loans with ease of online mode. After filling up the required online application form with the required details, the lender will verify the information. And once you get the approval, you can find the loan money direct in your checking account within hours. No need to leave the comfort of your home or office neither has to wait for long because here you just need pc with internet connectivity.
Why Not To Use a Payday Loan
Payday loans may be fast and easy to obtain but before you sign on the dotted line it’s not just the high interest rates that you need to consider.
Originally the form of lending known as “Payday Loans” originated in the USA and has now landed on the shores of the UK – spreading at an alarming rate.
Payday loans are short term credit loans that are repaid in full on the day that you receive your salary from your employer. Payday loans are really designed to get you out of a ‘fix’ when you find yourself short of money before payday but they do have an extremely high interest rate attached to them.
A typical example of this would be that you borrow £100 but repay £130 or £140!!
When you take into account that a Payday loan is a fairly short term form of lending, the interest rate is a great deal higher than other forms of lending.
Now it may just be that you find yourself in desperate need of a small loan and a Payday loan will fit your circumstances. What you will need to bear in mind is that if you are short of money one month and you borrow money in the form of a Payday loan then you will need to pay the original amount that you borrowed, plus the interest.
This may have a ‘knock-on’ effect of then leaving you short of money again. When faced with that situation you may be tempted to turn to the Payday Loan option again and this is where the hidden danger is waiting for you.
Let’s say that you borrowed £200 one month and on your payday you paid back £260. This would leave a £260 hole in your wages which could temp you (or leave you no other option) but to use the Payday loan option again and borrow another £200.
This is the start of a vicious circle that many people find themselves trapped and the payday loan hidden trap will have snagged another victim.
Each month when you repay the £200 loan you are paying £260 out of your wages – this leaves a £260 hole in your wages – so you borrow £200 again to ‘fill the hole’.
Then the process repeats itself again when you have to repay £260 on payday – you’re trapped in the Payday loan circle of debt.
The loan company lend you £200 once – it’s the same £200 the re-lend you each month – and for this pleasure you are paying them £60 each month when you repay the loan.
Over a 12 month period you will have paid the loan company £1,200 for basically borrowing one lot of £200.
It is a very harsh reality for many people who unfortunately have no other option and are unable to get out of the circle. If you are considering a payday loan then carefully think about what you are getting in to before borrowing any money.
If you have no other option and are 100% certain that you will have enough money to repay the loan without it affecting the next months finances then a payday loan could be your only option.
Otherwise don’t fall into the payday loan trap. Try and get through or ask a friend to lend you some money – even if it isn’t as much as a Payday loan company – it will be cheaper when it comes to paying it back.