Personal Loans for Tenants to Fund Your Needs

by : Baidehi Creeper

Personal loan for tenant in UK can be gained by council tenants, housing association tenants, and private tenants or by those who are living with their parents. A tenant is a person who does not have any house or property that he can offer as collateral when availing a loan. Therefore, a personal loan for tenant is an unsecured loan particularly designed to meet the needs of all tenants.

These loans offer maximum freedom as the amount can be used in any manner you prefer. It can be used for Christmas shopping, debt consolidation, meeting educational expenses, home improvement, buying a car, holidaying, etc.

Lenders before giving these loans, consider their repaying capacity and creditworthiness from the market. All self-employed or salaried class people can apply for these loans. Since there is no security involved, lenders normally require a recent pay slip and a bank statement to ascertain the repaying capacity of the borrower.

Personal loan for tenant has its own share of advantages like:

&bull Fast approval and less paperwork in the absence of property valuation
&bull Tension free and risk free loans available in quick time
&bull No risks attached as lenders cannot repossess the property

However, these being unsecured loans require you to pay relatively higher rate of interest as compared to secured loans. The repayment period is also comparatively short in these types of loans.