Tenant Loans - What Could I Use One For?

By: Andy Silk

If you're a tenant and you need to borrow some money, there are still plenty of lenders and brokers that are prepared to help you. They will look at your financial circumstances and make a decision about your tenant loan application, dependent on a number of factors, including whether you could reasonably afford the loan in the first place. The lenders are just as concerned about your welfare as the are about their own money which is a responsible attitude to take and one which is hopefully accepted by the borrower in the same manner.

A tenant loan is an unsecured loan. Since the lender cannot 'secure' their loan against any property that you own and thereby reduce the risk of losing their money should you default on your tenant loan, they tend to look a little less favourably on your application if you have poor credit, arrears, defaults or CCJ's. Don't worry if you do have poor credit however. There are still lenders and brokers who are happy to consider applications for tenant loans from customers who have poor credit such as CCJ's, arrears and defaults.

What could I use the money for?

Really, there are few limits on what you could use your tenant loan for. Commercial loans or business loans are sometimes a little more difficult to apply for, but for most people looking to take out an unsecured personal loan, who want the money for personal reasons, you can use the money on just about anything.

You could take out a tenant loan for-

- a fabulous far-off holiday,
- a new car, motorbike or caravan,
- a wedding or celebration to remember with all the trimmings, or even to
- consolidate some existing credit into one more manageable monthly repayment

Whatever you want to take out an unsecured tenant loan for, most lenders are happy to consider your application, so don't be shy! Apply for an unsecured tenant loan today and start to enjoy the things you've always dreamed of. It's pretty simple. It may only take a few seconds to enquire with an online broker and you may get a decision in principle within minutes. Of course, you will still need to complete and sign a credit agreement and it may take a few days for your loan to complete from there.

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