In the past previous to the credit crunch all types of loans were readily available. Loans were freely flying about like pieces of confetti.
There was even a good availability of loans for tenants that is for those who do not actually own their own home but rent it from a housing association, a local council or a private individual.
There has always been companies such as Provident who grant loans to both tenants and homeowners but these loans are for small amounts and their interest rates are high.
There was a loan lender, Welcome Finance who not only arranged secured loans for homeowners, but also granted loans to tenants. This meant naturally that the loan was unsecured and as they also accepted a certain amount of bad status these loans came with a pretty hefty interest rate, but they were useful none the less. Welcome fell victim to the credit crunch and has ceased trading, leaving tenants out in the cold on the loans front.
Whee tenants can get a loan is from a pay day loan company who are charging unbelievable interest rates of up to around the 2000% mark, and this is not a joke, and this is the truth about the rates that these firms charge and even the inter net is full of this now.
The poorest and weakest in society when they require a loan have always been forced to use the services of illegal money lenders who abound in the large inner city housing areas. Now people who in the past could obtain loans else where are being forced to go down the route of the illegal money lenders, as their last hope.
Homeowners are in a much more fortunate position as if they have equity on their property secured homeowner loans are available with interest rates starting at about 9%.
Even homeowners with bad or even atrocious credit ratings can obtain a bad credit secured loans at tighter LTV and higher rates of interest, although these bad credit loans are still a good loan product.
Learn more about homeowner loans then visit Champion Finance’s site to obtain free information about secured loans
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Topics: remortgage, loan, secured loans, Real Estate