A tenant is more in need of instant money as his or her financial resources are tied down to monthly salary. So, borrowing becomes inevitable in case of urgency. Keeping this typical situation of tenants in mind, lenders in the UK have carved out instant tenant loans.
The main feature of instant tenant loans is its instant approval. The loan gets approved within hours of making the loan application. Such instant approval ensures that the borrower gets the loan amount in his bank account the same day. Such an instant tenant loan is also known as payday loan and is based on the borrower’s next paycheqe. Usually you get smaller amount under an instant tenant loans that is based on your paycheqe. But you have other options also in borrowing greater loan.
There are lenders who are willing to approve up to ₤25000 for the UK borrowers as instant tenant loans. The approval comes without any delay as there is no property of the tenant involved as collateral in taking the loan. So lots of time is saved on property valuation. Either smaller or greater amount, instant tenant loans for the UK borrowers are solely approved on the lender’s faith in the repaying capacity of the tenants. If the tenant is an employee for a considerable period and earns well to be having a regular bank balance then the lender takes it as surety of timely return of the loan installments and so the approval comes instantly.
A slight disadvantage of instant tenant loans is that lenders have this tendency of charging higher interest rate for covering risks. But on comparing lenders you can avail the loan at competitive rates.
Bad credit borrowers of the UK also are approved instant tenant loans if they are in a sound financial position to return back the loan installments in timely manner. Interest rate however may be a bit higher then for good credit people. Ensure that you have compared lenders extensively for locating a suitable offer.