A survey revealed that on an average, people who own a home earn 95 percent more than the ones who live on rented property. It also showed that more than 26 percent of the disposable income of tenants gets spent on the rent for the property.
On the other hand, the householders spend only 15 percent of their income on their home, excluding the maintenance charges. It is not surprising to see that people, who rent, find it hard to manage their finances and tend to turn towards bad credit loans for help.
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Tenant's Loans
The good news is that there are lenders who give out bad credit loans to tenants. It is not at all difficult to procure a tenant bad credit loan. The borrowers spend about a quarter of their income in paying up the monthly payments on the loan.
Figures show that it is easier for tenants to avail bad credit loans than to save money for a home loan deposit.
Many renters skip their credit card payments to make the payments for their rent on time. This leads to bad credit scores in their credit report. The consequences of such behavior are so grave that you should always consider bad credit tenant loans that will come as a solution to many of the renters' problems.
Unsecured Nature
Bad credit loans are treated as unsecured loans. Unlike a home equity loan, you are not supposed to put up any asset, like a home or a car, to promise repayment. Bad credit loans can be utilized for almost everything, including: furnishing your rented home, paying off your credit card bills, and even buying a new car. The companies offering bad credit loans are not concerned about how the borrower will spend the money.
In fact, bad credit loans, as the name suggests, can also be used for clearing up your bad credit. But before applying for bad credit loans, you should carefully check your credit report once. If you are used to seeing your loan application getting rejected due to a bad credit, get yourself a copy of that report.
Improving Credit
Assess the situation and see what can be done to improve the situation. There is a possibility that some errors have slipped into the report. Fill up a dispute form and challenge the faulty charges. Send the forms to the credit bureau and wait for their response. The dispute usually gets solved within 30 days.
Budgeting
Bad credit loans are non-revolving. This means that the term of the loan and the interest rate are fixed right at the beginning. This is a good deal for tenants as they can put aside a monthly sum for the payment of their bad credit loan which let's them budget this particular expense and make the necessary savings for any unexpected situation.
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