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How Do Tenant Loans Work?
A tenant loan is another term for an unsecured personal loan. Tenant loans are aimed specifically at people who do not own any property. Tenant loans can be taken out and used for any purpose, including debt consolidation, a new car, holiday or computer.
Tenant loans are available from a range of banks, building societies and financial institutes. You can borrow from around £1,000 to £25,000 and choose to repay the tenant loan over a period of 1 to 10 years.
Why Choose a Tenant Loan?
A tenant loan can provide you with the finance you need for a range of purposes even if you do not own a property. You can take out a tenant loan for a range of purposes including debt consolidation, a new car or to take a holiday.
Unsecured Tenant Loan
Tenant loans are unsecured because you do not need to own a property to use as collateral on the loan. Unsecured loans are a good loan option for people who are financially stable and able to keep up loan repayments, and who may or may not own their own property.
It is important to carefully plan and budget your monthly repayments to make sure you can afford to take out a tenant loan. Tenant loan lenders will be less relaxed about missed repayments because they do not have your property as security. Remember that although the loan lender cannot reposes your property, they can still take you to court. You can use the loan calculator to help you work out how much you will have to repay each month.
Tenant Loan Application
You can apply easily and quickly online for a tenant loan through online application forms. Tenant loans are processed fairly quickly because the loan lender does not need to value your property, but they will carry out various credit checks. To be accepted for a tenant loan you need to be UK resident and over 18 with a good credit rating.
Compare tenant loans
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