For years before the recession loans of all kinds were available, and in fact loan lenders were advancing loans as if the product was going out of fashion.

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.

The situation is such that if a non homeowner really needs a loan, they are forced to go to one of the many pay day loans firms which have sprung up and their loans have interest rates of often almost 2000%. Yes 2,000%, and this is not a typing error.

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 better position as if they have equity in their property they can obtain a secured loan based on the equity of their property, and if they have a good credit rating these secured homeowner loans are available from about 9% APR.

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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