Living on rent with limited and no extra source of income is indeed a huge challenge. Many tenants are already living with these challenging situations and they are always on the verge of losing the funds completely. Preventing such tricky situation early is no doubt the first thing you should do, but how? When your tenancy is in difficult financial phase and no individual seems helping, you should not waste your time and start applying for tenant loans in the UK. Approach a direct lender, who can provide a suitable deal on these loans during any sort of financial crisis.The tenant loans can be applied in two ways. One is to apply with guarantor’s signature and second, there is no guarantor required.
Guaranteed Approval on Tenant Loans
Your financial condition is already disturbed and you are applying for loans with a hope that the lender will provide you a guaranteed financial help. You do not want anything wrong that can split your chances of borrowing funds. The lenders are also helping borrowers in such scenario. In fact, they are ready to offer guaranteed tenant loans where the funds are assured for the borrowers.
There are two major ways of ensuring the guaranteed financial help. First, the borrowers have to provide a guarantor, who can sign the loan document with them and make sure the loan repayments within the time limit. Another chance of guaranteed approval is to remain true to the personal details. Any false information can become the reason of your application rejected because the lenders do want credibility from the borrowers. And, the guarantor should not be a bad credit holder otherwise the loan companies may not be interested to their loan applications.
Tenant Loans with No Guarantor Required
No availability of the guarantor is a general trend. There should be no surprise in it because tenants do not have too much to show their financial reliability and very less individuals would want to their guarantee. Consequently, they find very tough to secure funds during difficult period of their life. For these individuals, few regulated lenders are providing the option of tenant loans with no guarantor. The lender does not see any risk in giving funds to the borrowers and they transfer the funds instantly to their registered bank accounts.
The loans where no guarantor is needed would have expensive rates of interest and only small funds are allowed to borrow. However, the major benefit of these loans is the convenience of the simple and direct application procedure. Since no guarantor is required, borrowers can straightway apply for loans at the lender’s website and funds come to their way at earliest.
Choose Your Best Way
The lenders are giving you the options and now it is all about you to decide which one is correct for you circumstances. If you have a guarantor to co-sign, then opt for the first option because you can apply for the large funds. Otherwise, no guarantor option is a better option to tackle with financial emergencies. Analyse your situation and then come at the conclusion.