Every one of us sometimes or the other is plagued by the shortage of liquid cash. When we have ample amount we spend it extravagantly and sometimes we have an acute shortage of it. If we have some collateral to pledge it’s alright to go for secured kind of loans, it is the lack of it which leaves us clueless. It is tenant loan which comes to rescue us from these mordant situations. This is an unsecured loan, which is specially designed for tenants or persons who don’t own any property or are reluctant to encash on it. This loan is easy to get and also there is minimal processing time involved. Tenants can use this loan for various purposes like purchasing a brand new car or bike, going for an exotic holiday, consolidating debt, buying a new flat or apartment, expenses in your dear ones' weddings etc.



Application procedure

You can apply for this kind of loan to traditional moneylenders or banks or you can apply online. Applying online saves your time in that it involves less processing time. So just fill some simple forms and you can avail the loan in a smooth and convenient way.

Eligibility for loan

Any tenant can apply for this kind of loan. They may be Council tenants, Private tenants, housing association tenants, or even tenants living with parents. You must also fulfill these criteria:

•You should be in salaried employment presently when you go for obtaining this loan.

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

•You should have your personal U.K. bank account with a credit scorecard.

Features of loan

As stated earlier this loan comes under the umbrella of unsecured loan, so you need not put anything as collateral here. But as the lender is exposed to a higher risk, the rate of interest is slightly high also the repayment period is shorter to offset this risk. You can get an amount varying from £500 to £25000. Having a good credit history will help you to obtain a higher amount. The interest rate lies somewhere between 7.7% APR to 18.3%. Being informed and good groundwork like visiting various lenders will definitely help you in negotiations.

Summing up, tenant loans when put to a proper use can help you fight the odd times of your life with a sufficient amount.