A tenant may have limited borrowing options as he has no security to place against the loan amount. But this does not restrict the nonhomeowners from fulfilling any of their needs or requirements. Financial help for such borrowers is a tenant loan.
Tenant loans can be applied by a tenant, non-homeowner, council tenant or a person who lives with his parents, when they are in urgent need of funds. A part from these people who do not have a security to place even the homeowners can apply for these loans if they do not wish to pledge their valued assets against the loan amount.
A tenant loan can be availed by a borrower for any purpose without any restriction like to clear all your debts, wedding, paying bills, carry out some home improvements, buy a new car or bike, or to go for the dream holidays.
The applicants who wish to apply for the tenant loans may be sanctioned any amount ranging from £1,000 and £25,000 for a repayment period of 1 to 10 years, along with the advantage of variable interest rates.
Tenant loans are available to any tenant if he fulfills certain conditions. The borrower is expected to be 18 years old, be in full-time employment with a monthly salary of at least £ 1,000, and also have a checking account.
Tenant loans bring along a number of advantages attached to them. It has a lot to offer its borrowers. These loans are-
- Provides funds without any restriction on usage.
- Require no collateral and
- Availed with the benefit of flexible repayment terms.
Thus it can be said that the tenant loans are a good option for nonhomeowners who need cash but have no security to place against the loan amount.
With tenant loans, there is no need to worry at all. These loans allow a non-home owner to pledge no security to furnish a loan. These loans have various options for their applicants, which are designed to cater to their financial needs and requirements.