If you are a tenant or a non-homeowner, you must have been through difficulty while looking for loans. The demand for collateral is for you the bane of your financial life. But now you do not have to fear facing such obligations which you cannot fulfill. With the help of tenant loans, you could bid farewell to your monetary crises.
Tenant loans are simply unsecured loans that generate capital for the personal projects of tenants and non-homeowners. Any kind of tenant can apply; it does not matter whether you are a council tenant, living as a paying guest or with your parents as a non-homeowner. You can now secure finance for any venture which has been simmering on your mind- car purchase, wedding, college education, extensive medical treatment, paying off huge bills and debts or just a long holiday trip.
In order to avail a tenant loan, there are some criteria that need to be fulfilled by you:
- You should be 18 years old or above
- You should be fully employed and earning more than £1000 per month
- You should have a valid bank account with Direct Debit facility
- You should have residence proof which states that you have lived at the current address for the past 12 months.
Tenant loans are approved based on your repayment capability and credit status. Speaking generally, an amount in the range of £250-£25000 is available under this lending scheme. Repayment term would last for a period between 1 and 10 years.
Tenant loans do have higher interest rate than conventional loans which are secured against collateral. However, do not let this be a cause of despair. There are measures you can take in order to make sure that you get lower rates. You can apply for free to online lenders and compare their quotes. That will help you find relatively cheaper rates.
Tenant loans are unsecured loans designed especially for tenants and non-homeowners. They are available for use in a variety of purposes.