Tenants always have certain kinds of financial restrictions because they have limited income resources. They have the capability of fulfilling only the regular expenses like paying rent, education fees and many more. What about the unexpected expenses? This is where their weakness comes out and they struggle to maintain a well-balanced financial life.
There is another side of a coin. It is not necessary that they have to live with those limitations. In fact, the FinTech Market of the UK does have options for them too. The lenders are available, presenting guaranteed loans to the tenants. Traditionally, it may look strange but it is a reality that the lenders provide loans with no chance of rejecting them.
These are the loans where the borrowers have to provide a third party assurance to make the full repayments and within the given schedule. This responsibility is largely performed by the guarantor, who co sign the loan document alongside the main borrower. Signing the agreement means, they have to repay the loan if the primary borrower is unable to do so.
Is the way difficult for the tenants?
It is a common conception that the tenants do not have the liberty to get the guaranteed loans. The main reason is not the lenders’ policies that they have no problem to offer these loans. Instead, tenants’ own financial limitations create hurdles in their ways. They do not have the property to use as collateral against the loan and finding the guarantor is difficult too.
The time has changed now and those living on rent have the financial options to utilise. They can use their income status to ensure the guarantee of loan repayments. It will certainly put a good impression on the lender that you can repay the amount from your monthly salary.
Your Bad Credit Does Not Delay Your Chances
The loan market of the UK has changed significantly. Unlike the previous years, tenants with bad credit history also have the chance of getting loans. The lenders are available with guaranteed payday loans for bad credit tenants. These are the specialised loans where the borrowers can convince the lenders with their monthly income. Borrowing funds is quite easier for them and they can easily avail the guaranteed approval despite a poor credit score.
The direct lenders have become more RESPONSIVE
Fortunately, the UK citizens have the assistance FinTech lenders because they are more responsive to their traditional counterparts. It is very important that the loan features be according to the financial capacity of the borrowers. They can avail the same benefits while looking for guaranteed payday loans from direct lenders. The lenders provide the guaranteed approval for the tenants because they are applying for the payday loans. These are the small loans and collateral or guarantor is not considered as mandatory.
The direct lenders are trying hard to match the financial requirements of the tenants. Thus, the options like guaranteed loans or guaranteed payday loans for them are the perfect examples of their efforts.