Non-Homeowner: Here is The Loan for You

by Steve C clark - Date: 2007-02-19 - Word Count: 487 Share This!

There are times wherein we are plagued by the shortage of money, the options to explore get limited as we don't have or we don't wish to offer house as collateral. These are the awkward situations we want to avoid but as they say, life is full of uncertainties. Hence unwillingly we may fall in the trap of acute financial shortage. But not anymore with the advent of non-homeowner loans. These are the loans, which don't require any house or valuable assets as collateral.

Non-Homeowner Loans: Amount and Interest Rate
The amount one can procure under non-homeowner loans ranges between £500 to £25000.The amount may be incremented if the value of the collateral is substantial or if the loan providers feel one is potent enough to repay the amount.

The interest rate ranges from7.7% to 18.3% and typically it hovers around 10.9%APR.While applying for the loan it is advised to settle for the interest rate. Exploring the market before shopping for the loan may prove to be fruitful as one gets to know about the variations and a lot of flexibility is provided in terms of amount and the interest rate.

As no collateral is involved so some documentations and eligibility criteria needs to be fulfilled. To be eligible for non homeowner loans
You must be a salaried employee.
You must have resided at you current address for at least 12 months.
You should have a personal bank amount.
You should have a credit card/savings account and you should be making regular payments to the same.
You should not have any CCJ`s, rent arrears
You shouldn't have been declared insolvent.
You should have a decent credit score.

All these criteria are imposed to negate the fear about the recovery of the lenders amount, as one is not offering any collateral. The list is not exhaustive and propelled by the competition lenders may show leniency over some criteria. It all depends how well you are prepared for negotiations.

Non-Homeowner Loans: Advantages
 The borrower can get extra cash easily by means of a nonhomeowner loans. With this loan the cash can be used for any purpose- for example debt consolidation, home improvement, buying a car or going on a holiday.
 Using a non-homeowner loan means that with one single payment made each month, you have more control over your monthly budget.
 The repayment period of this loan can range from 3 to 25 years.
 The protected payment plans on non-homeowner loan will provide you an extra peace of mind.

The amount through non homowner loans can be used for any desired purpose. Keeping up with regular payments improves one's credit score and this may prove very beneficial in obtaining loans in future as the lenders can confide in them.

Steve Clark can tell you how to look better, live better and breathe better by giving you tips to improve your finances.He writes on loans. His ideas can help you rejuvenate your money.To find Secured homeowner loans,bad credit homeowner loans,online homeowner loans visit

Related Tags: secured homeowner loans, bad credit homeowner loans, online homeowner loans, non homowner loans

Your Article Search Directory : Find in Articles

© The article above is copyrighted by it's author. You're allowed to distribute this work according to the Creative Commons Attribution-NoDerivs license.

Recent articles in this category:

Most viewed articles in this category: