We all know the role of money in our lives. Imagine the situation when you don’t have even a single penny but you have to pay your monthly installment for loan you took sometime ago. In case of unemployment also, people do not have any source of income but they have too meet minimum expenses for survival.

In case of Loans for unemployed tenant, you do not have any employment but you have to pay your rent on due date. You can’t ignore paying rent because, in this case, your landlord may cancel your agreement due to non-payment of rent on due date. Shelter, being the most basic need of each and every human being, no body can afford to delay payment of rent. But, due to unemployment. Borrowing money from lenders is also another tedious job.

However, now you don’t need to worry. Due to enhanced competition among lenders and availability of a large market, lenders have devised customized finance schemes for unemployed tenants, which are called ‘loans for unemployed tenants.

Like any other loan, in case of ‘Loans for Unemployed Tenant’ loan amount is decided on various parameters such as your previous credit score, payment history, defaults, paying capacity in future etc. Similarly, duration of the loan is decided on various factors such as amount of monthly installment, you monthly paying capacity, you other expenses etc. In this case, the amount of monthly installment is ideally the amount which you can pay comfortably.

Rate of interest is also calculated on various factors including the loan amount, payment duration, risk involved etc. In this case, since you are an unemployed tenant which effectively means that your paying capacity is below average which the lenders perceive as risky. However, to compensate against this increased risk compared to other category of loans, lenders usually charge a little higher rate of interest compared to rate of interest charged in case of other loan options. This increased rate of interest due to enhanced risk, loan for unemployed tenant become little costly. But considering your condition of no source of income, paying a little extra cost is advisable other the landlord may revoke tenant agreement which will create other problems for unemployed tenant.

Tags : Loans, Tenants, Unemployed

Getting a tenant for an unoccupied apartment is definitely a good idea. Besides getting enough cash to cover maintenance expenses for the place, the rent can also add to the family’s income. There are three principal types of screening that must be done by the landlord (or lady) before renting the property.

Financial screening: Before the dotted lines are signed, it is of utmost importance to find out the prospective tenant’s economic status. Thorough credit checks must be performed. If the tenant has a history of evading debt repayment, or has fallen into repeated bad debts, chances are he/she won’t be able to pay up on time. The person must also have a permanent job with adequate salary to cover the rent after considering basic expenses. If he/she is in business, it is important to know the average profit made on a monthly basis. Learning the nature of the business is essential.

Identity check: It is important to determine that the identity the person is putting forward is correct. Photo-IDs are good ways of doing this. Driving licenses, Social Security cards, or any other acceptable ID proof should be checked and verified. It is essential to find out where the person lived before, and doing a background check. If the person rented an apartment somewhere else before, it is important to do a background check in that area. A person’s criminal record must also be checked. A speeding ticket received 5 years ago should not matter, but a drunken assault warrant at any point of time is unacceptable.

Personal observation: The appearance and the way a prospective tenant carries himself/herself speaks a lot about that person. For instance, if a person is fidgeting constantly, chances are high that he/she is hiding something. Also, if the person is constantly trying to evade questions about his/her background, there can be two reasons. He/she could be really shy about discussing his/her personal life, or there might be a black spot in his/her past. But since there is no easy way of determining the true reason, this kind of attitude should be noted as disturbing.

Getting a tenant is a great idea to keep an unoccupied apartment in good shape, while earning some cash to boot. Moreover, screening of prospective tenants is important before signing the agreement because this would ensure safety of the landlord/landlady and also form the first step towards a long and mutually profitable relationship.

Tags : Apartment Rentals, Tenant Screening