Virtually everyone needs to get access to credit at some point their lives but it can often be harder to find a willing lender than we would like. For homeowners the task is always so much easier as they have a property to use as collateral on a loan. But for those of us how rent or live with our parents its not so simple to find credit and we usually end up paying much higher interest rates and get offered smaller loans than homeowners.
Its fortunate then that tenant loans exist for people who don't own a home as they were invented specifically for individuals who rent their property. Its true that these loans still have a bit higher interest rates than secured loans and you'll likely end up with a smaller loan, they are great for times when you really need to get your hands on some cash and don't want to be ripped off by payday or log book loans lenders.
How Do You Go About Getting A Tenant Loan?
There are many loans for tenants companies on the Internet who have websites where you can compare the different loans available from various sources which allow you to find the best deal.
How Does The Application Process Work For A Tenant Loan?
With Online application all you have to do is fill in a form and you'll get a no obligation quote. Its an extremely simple process which will inform you if you are suitable for this type of credit quickly and let you know how much it is going to cost. Many tenant loans lenders can let you know if they will accept your application within the hour.
Who Can Apply For An Online Tenant Loan?
Any UK resident who is in full-time employment and has their own bank account with proof of identification and address.
The Negatives of An Unsecured Tenant Loan
As already mentioned tenant loans are harder to get then the equivalents loan for a homeowner and they will generally cost you a little extra due to the fact that the lender is taking a bigger risk when allowing you to borrow. If you fail to repay the entire debt after all the lender has no way of collecting the lost debt.
Advantages Of Using Tenant Loans
Loans for tenants are a great way for many people to get credit when they are in desperate need of money, certainly when compared to the other options on the market. You can use the money for any purpose, choose various repayment plans and you aren't risking the roof over your head if things should take a turn for the worse and you fall behind with payments. It should also be noted that many lenders now offer 6 month payment holidays before you have to start paying the debt off as an added bonus.
Are There Any Alternatives To A Loan For Tenants?
For most non home owners who are looking for a loan there is usually no better option than this to solve a cash flow problem. The only time you might want to consider the alternatives would be if have been turned down for a tenant loan and have no other options. Payday and log book lenders are out there who are always willing to hand over cash to anyone in a desperate situation but the will make you pay handsomely for the right to a loan.