What is a Tenant Loan? Tenant Loans are specially designed for the unemployed peoples and non-property owners collectively called as tenants. Banks do not offer any kind of loan for the tenants. In UK 74.8 % of working age group people are unemployed. According to UK finance companies people who live with parents, even married people who don't have any property on their names are considered as tenants. According to this over two third of UK residents can be classified as tenants. Tenant loan has been designed to meet all the requirements of such like people. These are meant to save this huge majority from a feeling of financial failure and despondency. A number of lending institutes are offering these loans on user-friendly terms and conditions.
Who Can Apply for Tenant Loans?
Eligibility criteria for applying for a tenant loan are very simple. You have to fulfill simple prerequisites.
- Applicant must be above 18 years of age and possess a regular source of income that assures his/her repayment ability. - Poor credit holders, and people who have terrible penalties of CCJs, defaults, arrears or late repayments are also eligible to apply for a tenant loan. - Non-property owners and property owners who don't want to take a risk to loose their property for financial loans are also eligible. - Students are also eligible to apply. Because most of the students live with their parents and often have no credit or little credit, they are the major beneficiaries.
Tenant Loans programs can be applied for only if you are:
CCJs Country Court Justice and Defaulter, Have No Credit, A Tenant, A Homeowner, A Non Home Owner, Have a Full Time Employment, Have a Part Time Employment, Have Claiming Disability, A Housewife, A House Husband, Unemployed, Retired, Self Employed, Contract Worker.
Process of Tenant Loans
The entire process of tenant loan is designed in a way as to put the minimum of burden on the borrower with simple payback schemes. Terms and regulations are borrower friendly. There is no restriction as to how you can use your loans. However usually these loans are applied for the following reasons:
- To purchase a car - For a holiday - As debt consolidation loan - For education
According to UK rules and regulations borrower is allowed to claim a tenant loan amount ranging from ?10000 to ?25000. Repayment duration is 6 months to 10 years. Final loan amount is fixed by the lender after estimating the repayment ability of the borrower and the credit score. Over all the flexible repayment schemes are offered for tenant loans. Tenant loan providers offer numerous packages for their consumers so it is very convenient to select the package that completely fulfills one's need.
How to Apply for a Tenant Loan?
As we have discussed that basic aim of tenant loans is to provide instant financial assistance to the needy. It is very easy to apply for a tenant loan. From applying to approval, the complete application process is a breeze.
You will appreciate the simplicity and convenience of the whole tenant loan application process from the very first step. Borrower can simply apply online by posting the online application form, available on the personal web sites of the lenders and financial institution or banks offering tenant loans. You need not copy the documents and fax them to lender or financial institution or the bank providing tenant loans. This will save alot of time and also speedup the overall loan processing. These forms require only simple information related to you that helps to confirm your identity. It will include your basic, personal and professional details. You will not be required to show your property and other assets to get the loan. Only clear credit record is required to apply. And as soon as the identification of the borrower is confirmed by the lender, loan is approved. A number of discounts are also offered but the real attraction of a tenant loan is the leniency of the repayment in the loan installments.