Non homeowner loans are also called tenant loans. Tenants are the people who do not afford to place any property as collateral against loan. Such loans are unsecured loans. The loan amount is lesser as compared to the secured loans. You also have to pay some higher rate of interest. Such loans are faster in processing. They carry some prepayment penalty and may be availed by almost anyone.
There are two kinds of people who approach for loans with the internet based money lenders. The first kind has some property which they place as collateral towards the loan and hence offer security to the money lender. They can get up to some percent of the asset as loan. In this case, they pay smaller interests. The other kinds of people do not have any asset to place as collateral. They are called tenants. Loans given to them are termed as non homeowner loans.
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The tenant loans are unsecured loans. They are approved based on the repayment capability of the borrower. The income of the applicant is taken into consideration as well as the latest bank statement. The interest rate is higher as compared to homeowner loans. The repayment period is considerably smaller than the secured loans.
These can be availed by almost anyone. There is no credit check. In other words, it does not really matter if you have an exceptional credit history or you have a very bad credit score. You still can apply for the loan. Even the unemployed can apply for these loans based on the unemployment benefits they are availing from the government.
There is some prepayment penalties associated with this kind of loans. In case of non homeowner loans, if you choose to pay off the loan faster by paying a lump sum amount or by paying some extra money apart from the regular instalment, you will need to pay some per cent fee as prepayment penalty.
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