Tenant with Bad Credit History? You Can Also Avail Loans?

Posted by Nick Niesen on November 8th, 2010

Are you a tenant with poor credit score?

Do you want to improve it? Then bad credit tenant loans are the apt one for you that will help you to mitigate your poor credit score. Now with bad credit tenant loans you can recover your credit score without any hassle.

In this context, the reader needs to know that what a credit score is and when it will be decided as poor credit score. Normally, credit score or FICO is the fiscal assessment of borrowers? credit history. It is ranged from 300-850. According to this measurement, it is decided that a credit score is good or not. If anyone?s credit score is 580 or below it, then it is judged as poor credit score. There are many reasons for poor credit score, like CCJ, arrear, bankruptcy, default, late payment etc.

It is necessary for all borrowers to check their credit score before applying for a bad credit tenant loan. Every borrower should be aware of what his credit score is. In such cases he also can take help of different credit rating agencies, such as Experian, Equifax, Transunion?

There are various aspects of these loans that are really advantageous for a bad credit tenant. These are as follows:
? No collateral is required to avail these loans.
? Application process of these loans is swift and simple.
? There is no risk of collateral repossession as these loans are unsecured loans
? These loans are offered with an attractive package of £1000 to £50,000. Though, the borrower?s income does matter at the time of deciding the loan amount.
? Repayment period is also flexible, decided anything between 5-25 years.
? No upfront fee is charged.
? All time available

However, all sorts of tenants- council tenants, housing association tenants, MOD tenants, private landlord tenants, living with parents, housing executive tenant are able to apply for a bad credit tenant loan. But a borrower must have to meet some prerequisite criteria at the time of availing the loan. These are as follows:
? The borrower should be a full time employee
? He must have an identification and residential proof
? He must have a contact number as well.

It is a common belief among the tenant with bad credit score that they cannot apply for a loan due to their poor credit score. But bad credit tenant loans are giving them an opportunity to improve their credit score. Moreover, besides credit improving one can use these loans for other purposes too.