Tenant loans are basically designed for people who dont have home of their own, So, tenant loan is an unsecured loan, available to non-home owners. Whether you are a tenant with a private house owner, staying in council home or staying with your parents, you can always borrow tenant loans. Infact, if you are a home owner but do not want to offer your home as security, even then you can go for tenant loans. There are lenders who even offer tenant loans to people with bad credit, new settles, etc. Eligibility for Tenant Loan As I discussed, a tenant loan is available almost to every one, however, to specify, a borrower should fulfill few specific requirements. Infact, the very nature of their job and contract are unable to actually own property or have any security for loan commitments. They may have a very high income but be highly mobile or be recently self employed with no accounts. All enquiries will be dealt with on a case-by-case basis. However, your chances of obtaining a loan will be greatly enhanced if you can answer YES to the following: You have a permanent source of income or you are a salaried person or self employed. Have lived at your current address for over a year. have your own UK bank account Can show a credit record. Have a savings account to which you make regular payments Cost and Amount of Loan Like any other loan, in case of tenant loan, the amount to be offered depends on various factors, such as source of income, credit history, defaults in payments, year at current residence etc. Similarly, interest rate depends on various factors. Usually, tenant loans are offered upto 25,000 and payment duration various as decided between the borrower and the lender. Use of Tenant Loan In simple word, you can use the money received through Tenant Loan for whatever you want. Whether you want to buy a new car or want to go a luxury holiday, whether you want to repay your costly credit card bills or to manage your accounts properly, you can use tenant loan for anything you want. |
