In the past previous to the credit crunch all types of loans were readily available. Loans were freely flying about like pieces of confetti.
Homeowners always found it easier to obtain loans than did tenants, although during these years even non homeowners could get loans.
The problem with Provident is that the maximum loan has always been small. At present the maximum loan available for a first time borrower is 100, hardly a sum that would buy much nowadays.
Welcome Finance used to advance both secured and unsecured loans to both tenants and homeowners, and although their interest rates were high, it was a useful product which did allow tenants to borrow the money they needed. Unfortunately after many years of profitable trading, Welcome closed their doors, and this left tenants out on a limb with very little options of obtaining a loan.This is a most unfortunate situation., and one that could not be fore seen.
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.
Even worse is the fact that tenants are being forced to borrow money from illegal money lenders as they have no other hope of obtaining a loan. Money lenders have always thrived where people are at their poorest and most vulnerable, but now more people than ever use their services.
Homeowners are in the enviable position of being able to apply for secured homeowner loans at the excellent rate of about 9% if their credit rating is good.
Bad credit secured loans are still available to homeowners with sufficient equity.
Learn more about homeowner loans then visit Champion Finance’s site to obtain free information about secured loans