Usually there are many hurdles which the borrowers have to clear before finally a loan is approved for their circumstances. And, if you already carry some risks, then getting a new loan may take many days. However, instant decision tenant loans allow the borrowers to know quickly if they will be given the loan or not. They should know some basics of getting the loan before applying for it.
A quick decision on these loans is primarily because of the loan application is made through online mode and all the processing is done through the modern method. Because of fast access to the loan and personal details of the borrower, the lenders can take a good look at the borrower's financial positions and other details and may give approval within hours.
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Instant decision tenant loans are unsecured loans, requiring nothing as property for collateral. The loan amount will depend on the earnings and overall repayment capability of the borrower. But generally the loan ranges from £1000 to £25000. It can be returned in six months to 15 years. The loan can be used for paying off old loans and tuition fees, purchasing a car, going to a holiday tour etc.
These loans are also known for higher interest rate on small amounts. But a competitive rate also is possible for good credit people and once you have extensively compared different lenders on internet. Moreover, repayment of the loan may not be difficult as you will make the same amount of payments towards the installments as the rate is fixed for the entire life of the loan.
A history of late payments, defaults, arrears and CCJs will require you to make interest payments at higher rate. You may also be required to make down payment to the lender. However, ensure that in taking out instant decision tenant loans, you are signing a deal that comes at lower rate of interest and at fewer charges of the lenders.
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