Until recently it was only possible to opt in for a loan when you had enough collateral or when you had a good job. However, there was a large demand for loans for people who did not have much money, were unemployed or did not have collateral. Especially for these people, the tenant loan was invented.
An unemployed tenant loan is intended for a medium sized amount on a short term loan. Often it ranges between 1 and 8 thousand dollars. it is not easy to repay your loan when you don't have an income to make repayments. Therefore there is often an option that you start repaying until you have found a new job.
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Although this may sound very attractive, there are some catches involved. By giving the borrower a very risky loan, the bank has to make up for this risk by asking high interest rates. Rates of interest are related to the risk the loan provider takes. If you go for unemployed tenants loan than your rates are higher compared to when you are going for a tenant loan with a job.
There are hundreds of companies that will happily provide you with such a risky loan so they can ask a lot of interest on it. Therefore it is important to do some proper research up front, before you decide which loan suits your financial situation best.
You always need to reed the words between the lines that say how much the interest is, is it a fixed interest or a variable interest? What is the fine for missing a monthly installment and are you able to refinance your loan when you are able to? These are all very important aspects and you should know what you are talking about before you decide to opt in for those expensive loans.
Do not get me wrong, tenant loans are a great way to borrow money on a short term for important things. If you are able to repay than these types of loan are a great asset. However, when you already don't have a large income it can be tricky to go for an unsecured expensive tenant loan. Therefore it is important to know what your options are and what aspects are involved with tenants.
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