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Friday, June 19, 2009

Non Homeowner Loans - Everybody's Got a Right to a Loan Product

If you are non-homeowner and you are facing some liquidity crisis or you can not apply for a loan due to your bad credit record score, there is a remedy to your problems. The remedy is applying for a Non-homeowner loan. This is a product the loan market came up with to help eradicate finance hurdles for the non-homeowners. It caters for both people with bad credit or those who are clean.

If you are facing CCJs, IVA, arrears, bankruptcy and other forms of bad credit, this loan product looks after your needs. Non-homeowners loans are made for all types of bad credit scorers and their loan request is never turned down. Their desire to have some cash is never looked down upon. However, the loans product availed to this group of people is unsecured, thus, the risk factor for the lender is usually high. The loans advanced ranges from £1,000 to £10,000. The loan amount to be advanced to you is decided by your monthly salary amount. Also, based on the amount of money advanced, the repayment period is decided, the higher the amount the longer the repayments duration. But generally speaking, the most lenders offer the loans for five to ten years.

Due to the nature of the loans, the interest rate is usually higher than the normal loans. These loans are unsecured in nature and are advanced to everyone irrespective of their credit history thus their high fees and interest rate. Even though this is the case, there is a possibility of getting these loans at a lower interest rate. This is if you do some bit of online research on the lenders offering the best deals. Compare and contrast loan products from the various lenders and decide on the one giving out the lowest and go for them. Never settle on a single lender without doing some research on what kind of rates they are offering. Having a proper knowledge about your present credit score is very important when you decide to get a non-home owner loan-it decides on what is to be charged on your current loan.

There are some requirements the lender will always ask from you. For one, you must have a fulltime employment on which you are drawing a salary of not less than £1000. Two, you should have some identity proof and residential proof of which you are permanent. Three, and very important, you must have a UK checking account in which funds can be deposited into. Once the above prerequisites are achieved by the borrower, then the whole amount requested will be availed to them.

Non homeowners loans can be used for various purposes, it may be for a wedding gift, buying a new car, home improvement etc. In fact it is the borrower themselves who decide on what to do with their loan amount.


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