Subscribe Feed (RSS)For years before the recession loans of all kinds were available, and in fact loan lenders were advancing loans as if the product was going out of fashion.
Even tenants could obtain loans from companies such as Provident who are still in business and advancing loans to homeowners and tenants alike. A tenant is of course a non homeowner.
There has always been companies such as Provident who grant loans to both tenants and homeowners but these loans are for small amounts and their interest rates are high.
Welcome Finance used to advance both secured and unsecured loans to both tenants and homeowners, and although their interest rates were high, it was a useful product which did allow tenants to borrow the money they needed. Unfortunately after many years of profitable trading, Welcome closed their doors, and this left tenants out on a limb with very little options of obtaining a loan.This is a most unfortunate situation., and one that could not be fore seen.
Whee tenants can get a loan is from a pay day loan company who are charging unbelievable interest rates of up to around the 2000% mark, and this is not a joke, and this is the truth about the rates that these firms charge and even the inter net is full of this now.
Even worse is the fact that tenants are being forced to borrow money from illegal money lenders as they have no other hope of obtaining a loan. Money lenders have always thrived where people are at their poorest and most vulnerable, but now more people than ever use their services.
Homeowners are in a much more fortunate position as if they have equity on their property secured homeowner loans are available with interest rates starting at about 9%.
Bad credit secured loans are still available to homeowners with sufficient equity.
Want to find out more about homeowner loans then vist Champion Finance’s site to find the best secured loan for you.
Tags: debt consolidation loans, debt loans, finance, homeowner loans, loan, mortgage, real estate, remortgage, secured loans
