About the unsecured loans for council tenants
Unsecured loans for council tenants are loans offered without any security or collateral. You can borrow amount ranging between ₤1000 to ₤25000 for a period of 6 months to 10 years with an unsecured loan for tenants.
About council tenants and their rights
A council tenant is the one who has the right to buy the place where he is residing as a tenant for a considerable period. This period is generally around two years. After completion of such period these tenants can buy the property at discounted rates. These tenants also have the right regarding repairs in the house. However, there are certain conditions which need to be considered before you go for buying the home or conducting any repairs through an unsecured loan for council tenants. These are:
Do credit cards incur interest the same way loans do?
A friend of mine bought a house with a credit card (it cost less than $30,000). She said she did this because her credit card was at a fixed rate of 2.99% for the life of the balance. I have never heard of anyone doing this before. I thought credit cards accrue interest differently than loans do, and I think she made a huge mistake. Maybe I'm wrong, but please let me know if you know anything about credit card or loan interest and how it is incurred.
Answer
If the interest rate is really 2.99 percent, then that's very low and it was a good idea. She should look at the interest that they charge her, and calculate that it is at that rate.
Mortgage interest is tax deductible, while credit card interest is not, so she is losing out on a small tax deduction, but I think her rate is so low that she is better off with the deal that she used.
Most mortgage loans require monthly payments of interest plus some principle. I hope that she chooses to pay some principle every month.
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