Finding Tenant Loan Lenders

Tenant loan lenders are willing to work with high risk borrowers who do not own property. A tenant loan is any loan extended to a person without property to place as collateral. As such, they are typically unsecured, high interest rate loans. Tenant loans can be used to finance any number of personal needs such as the purchase of a car, medical assistance or simply to pay bills in a desperate situation. These personal loans are very risky, meaning borrowers must work with high risk lenders in order to secure them.

Finding High Risk Lenders

Most lending institutions carry a small amount of high risk loans. This means even your traditional bank or mortgage lender will be willing to extend a loan to a high risk borrower under the right circumstances. Typically, traditional lenders will only do this if you can show a very high income. For example, if you declared bankruptcy in the past but still earn a high salary, you may be eligible for a high risk loan through a traditional lender. If you have bad credit and a low income, then you will need to seek out loans from specific high risk personal loan lenders.

Using Online Resources

You can locate a number of high risk lenders online. By going to the websites of different banks and lending institutions, you can typically locate some minimum requirements to secure a tenant loan. Some lenders will be up front about the fact they do not extend tenant loans. Others will have information on minimum credit scores needed to seek this type of loan. You can usually find online quote estimators from dedicated online lenders. These will not be exact quotes, and they should not require your personal information. Instead, you should be able to give basic estimates of your finances in order to receive a quote before filling out a complete application.

Negotiating High Risk Loans

Once you have located a few lenders to submit applications to, you should prepare for negotiating. Make a decision on a few items you will not compromise on and a few you will. This will give you room to concede to the lender in some areas while standing firm in others. Remember: a loan is about more than just the interest rate. You can adjust other factors like terms and down payment to lead to a better interest rate. If the lender is holding firm on the rate, you can ask for concessions in these areas. 

What to Watch Out For

High risk loans are risky to both the lender and the borrower. You should only seek these loans in a desperate situation because they are both expensive and come with financial consequences if you default. Paying off a high risk loan can build your credit score. Defaulting will leave you with damaged credit for years. In order to avoid the legal and financial consequences of default, assure your income is high enough to cover the monthly loan payments. Put funds away so you can continue to meet your loan requirements in case of emergency.


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