Tenant loans are just another term for unsecured loans. They started in Europe where the divide between land owner and renter has always been more defined. The purpose was to give people who owned nothing for collateral but their word a chance to get a loan. If you’re in need of a bad credit tenant loan then you are going to have to polish your story.
Step 1: Get A List of Local Banks and Start Calling
The secret to success is large numbers. Just like cold call selling you’re going to hear a lot of “no” before you hear “yes”. It’s just part of having bad credit, but once you find that bank you’ll have a go to for life. Put at the top of your list all of the really small local banks, they have much more flexibiiltiy in loaning practices. You can throw the mega banks on your list too if you have few choices nearby. Call all of them and ask to speak to their banker. When you get on the phone be polite and ask for an appointment. Most people just drop in these days, the bankers will appreciate the professionalism and respect for their schedule. Make all of the appointments as close together as possible so all the credit checks only count once against your credit score.
Step 2: Have A Detailed Story Ready
What the bank is primarily concerned about is that they will get all of their money plus some back from you. The riskier you are the more they have to charge because someone like you will default. When you have a detailed plan ready before you speak to the banker you lower your risk profile because you prove you are a thinking person. Tell the banker how they will get paid back, if things go wrong what your back up plan is, etc. Always be respectful and consider their ideas.
If you just do these two things you’ll find it much easier to secure bad credit tenant loans.
