In case of non homeowner loans, the lender has to be assured of regular and timely repayment. Before striking a deal with the lender, the first and foremost requirement that a borrower has to fulfill is to have a good credit score. A score of around 615 is considered a safe bet. This means a borrower would have to clear his pending debts. Obviously, a bad credit history may create problems in acquiring the loan.
The factor that stands in favour of non homeowner loans is its easier and faster access. This is in stark contrast to secured loans where the process of valuation of the asset in the form f collateral takes time. Non homeowner loans come easily as they require no collateral.
Non homeowner loans can be availed by anybody irrespective of being an owner of a house or not. It is a perfect solution for renters or tenants. Moreover, persons of the elderly class are also welcome to the glorious options available in the form of non homeowner loans. This means the days of sulking in a corner are over. A full proof regular income would satisfy the lender in providing you the desired loan amount.
Though non homeowner loans require no collateral. To negate this the lender assures himself by keeping the interest rates to as high around 7% to 25% in comparison to the secure loans. But a good credit score or an income proof would always enable the borrower with a sustainable interest rate.
Obviously, the loan amount in case of non homeowner loans are kept nominally low. And the repayment term may switch to around 6 months to 10 years, depending upon the loan amount and credit score.
These disadvantages of non homeowner loans to list a few could always be administered properly and efficiently if you could find the right options. Considering the fact that there are various lenders, a hasty decision can land the borrower in trouble. From the various websites offering non homeowner loans, a proper study of interest rates and repayment terms can make you roll steadily.
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