Personal Loans for Tenants-a Great Option for Tenants

By: Mathew Kenny

Nowadays before taking any loan from market you have to answer a lot of questions to the lender. And one of the most commonly asked questions is the use of the loaned amount. And that too, if the borrower is a tenant not having his own house or property to put against the loan as security, then chances of getting the loans can be decreased by a many fold. But personal loans for tenants will enable tenants to fulfill their personal desires though they do not have that much financial back up.

Use of the money:

In case of personal loans, borrowers get the freedom of using the loaned money wherever they want. They can use it to buy a new home or car. They can go for a long holiday trip with their family members or they can even put the money in business also. Lenders won't put any sort of restriction on that.

The offerings:

Through Personal Loans for Tenants, an amount in the range of ?10000 to ?25000 can be easily secured. Interest rate will be in the range of 10% APR to 20% APR. But it varies greatly from lender to lender and depends on the borrower's financial standings also. Money must be repaid within a time limit of 3 to 5 years. In case you fail to do so, then penalty will be charged against you.

Types:

These loans exist in two forms - secured and unsecured. Secured tenants loans need collateral to be pledged against it. But in case of unsecured tenant loans there is no such requirement.

Eligibility and availability:

Every adult and legal UK tenant is eligible to apply for. They must be employed and residing in UK for the past 1-year at least. These loans can be secured from banks. I you want a hazardless process then you should go for online lenders.

Personal Loans
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