House Loans
House Financing1 for Large Living. No Down Payment Required.
A personal loans for untraditional houses
You’ve chosen to live your life differently. So why overcomplicate a simpler existence with complex financing?
A Trans flow finance personal loan1 can be used for a house and can be the fastest, easiest way to secure the money you need to get the (micro) home you want.
Whether you’re looking to buy a tiny house starter kit, construct a mini cabin for mountain adventures, or make your own mobile dream bungalow, you can use an Eloan personal loan to pay for the necessary resources and construction materials.
How a Personal Loan for a Tiny Home Works?
Getting financing for a home is usually no small affair, but in the case of a tiny house, it’s surprisingly easy.
That’s because it’s actually not possible to get a formal mortgage from most lenders, as the cost of a tiny home is below most banks’ mortgage minimum requirements.
That means that instead of dealing with the pile of paperwork and the painstaking approval process that comes with a mortgage, you can rather enjoy the simple, seamless process of getting a personal loan.
This kind of loan is an unsecured loan, which means it doesn’t require a down payment or any kind of collateral, like home equity, to qualify. Rather, lenders evaluate borrowers based on factors like credit score and employment status, among others, to decide how likely they’ll be to make their monthly repayments on time.
It’s also entirely up to you how you use the money from a personal loan once you receive it. There are no restrictions — it gives you the power to cover any tiny house construction cost under the sun.
After you’re approved, the cash will be deposited in your bank account all at once, and then you just need to make repayments for the money you borrowed in regular monthly installments. You choose the terms of your repayment period, and you can also rest easy knowing that personal loans are fixed-rate loans, so the amount you pay each month won’t change.
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House Loans
- Length of time you can borrow for Up to 25 years
- Amount of money you can borrow
- Interest rates