Loans for Tenants: Get Loans Without Any Security

By: Baidehi Creeper
Tenant is someone who lives in a rented accommodation and doesn't have his own home. They don't have any security to offer and so think that they may be discriminated when it comes to approval of any loan. But this is mere a myth now, as loans for tenant are specially made for such non homeowners. You can use these loans to solve any of your financial problems and lender has no influence on it. As you can guess, the interest rate is a bit higher than the secured loans but it is worthwhile considering the risk involved for lenders.

Some other facts:

Loans for tenant don't require any collateral to be kept, so you don't have any risk of loosing your property in case you fail to repay. The loan is granted based on your current repaying capacity. These loans have some prerequisites such as

a) You should be in salaried employment presently when yon you go for obtaining loan.

b) You must have resided at your current address for over 12 months.

c) You should have your personal U.K. bank account.

d) Having a credit/store card and maintaining the payments regularly will definitely help you.

e) You have a savings account to which you make regular payments.

If you satisfy all these criteria you can get the loan approved quickly. The loan amount varies from ?500 to ?25,000 with a repayment time of 3 to 25 years. The typical interest rate is 7.7% APR to 18.3% APR. You must be punctual in repayment of monthly installments as in case of its failure the interest rate will increase further and your credit score will suffer simultaneously. The longer repayment period gives you the pleasure of single small monthly repayment which can be managed with proper budget planning. So repayment of loan is not a big deal if you are conscious enough and not extravagant in your needs.

Tenant Loans
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