Unsecured loans such as the tenant loans don't require any assets as collateral and so are seen as an ideal venture which is less risky. One must surely know the advantages as well as disadvantages of these loans before making the decision of opting for one.
One big advantage is that unsecured loans are available to all types of people including the tenants and homeowners alike. The homeowner can avoid the risk of losing his home and other assets by settling for tenant loans, as they are unsecured. As the amounts are small and require no collateral evaluation for these loans, it is easy for the lender to process the loan application fast and payout the money even on the same day.
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The lender of tenant loans has a greater risk as there is no security to fall back upon in case of default. In case of nonpayment by the borrower the lender, though has recourse to legal action for recovery of loans, will find it slow, cumbersome and expensive. Homeowner borrowers need not lose sleep over a missed payment, as their homes are safe since they are not pledged as collateral.
Tenant loans are approved quickly on proper online application, as there is no property evaluation or credit appraisal. The paper work is far less and where pre approved unsecured loans are on offer, these can be availed of at the click of the mouse or key on the relevant option provided at the bank's home banking website.
Tenant loans are not without disadvantages. The first is the high rate of interest as these loans are unsecured and are backed only by trust. As it is a high-risk product for the lender, naturally higher the risk means higher the rate of interest. Moreover borrowers with bad credit history will have to pay higher rates of interest compared to those with good credit rating. Other disadvantages are unsecured loans are given only in small amounts and repayment schedules are not variable that is, one cannot adjust to a lower amount of installment. Also foreclosure or closure of loan before its due date will attract fine or penalty. Thus it is not flexible.
Tenant loans are an ideal way of obtaining some money in case of financial emergency for tenants who don't own a home or those who have a bad credit history or are unemployed temporarily. Ideally there are many options available in the market for small finance needs with negotiable interest rates and terms of repayment.
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