Good news for tenants! Now they can also access to loans market easily, as these days tenant loans are also available. For tenants, applying for a secured loan is not so easy. Since they do not possess any property thus they cannot use any thing as collateral against a secured loan. In such cases, tenant loan can be appropriate for them to finance their dreams.



As a sort of unsecured loans, tenant loans are available without any collateral. Thus a tenant easily can avail these loans. But the borrower's credit history and repayment capacity will be judged by the lender at the time of offering tenant loans.

But for availing a tenant loan, borrowers have to fulfill the following criteria:

 Fulltime employment

 A direct debt card acceptance facility should be attached with borrowers' bank account.

 Presence of identification and residential proof.

 And contact number- mobile or landline.

With tenant loans, a borrower can borrow anything from £1,000 to £50,000 along with a flexible repayment period of 1 to 25 years. Here, the reader should be aware that due to the absence of security, lenders charge high interest rate with tenant loans. But one can make the interest rate in his favor by negotiating. Even, if the borrower's credit history is good then he can avail these loans at flexible rate of interest.

Tenant loans can be used for various purposes like:

 For consolidating debts

 Investing for property(own house or other real estate)

 Making a holiday trip

 Repairing credit score

 Wedding purposes

 Buying new car and many more…

Seeming profitable…isn't it? But do remember that you will have to submit three years accommodation and address details and three years employment history along with a tenant loan application. Thus, if you change your abode or job recently, then you may have to face some hurdle at the time of availing a tenant loan.

At the same time, individuals are advised to check their repayment capacity at the time of availing a tenant loan. Still, the risk of collateral repossession is not attached with these loans, but in case of failing to repay the amount, lenders can jeopardize borrowers life by taking some legal steps.

Tenant loans are available for all sorts of tenants- council tenants, housing association tenants, MOD tenants, private landlord tenants, living with parents, housing executive tenant etc. These loans are providing them a chance to shape their dream and set it in the realm of reality.