It's really upsetting isn't it? You feel cheated and that all those years of loyalty to your bank have been wasted and that you've been betrayed by people you thought you could trust. Well, you know what? You're not alone. There are thousands of people just like you in exactly the same situation every day of the week. It even happened to me!



So how could something like this happen? How could they treat us like this? Well, the plain truth, however disappointing is that financial institutions don't make decisions based on the individual's loyalty. They make them on the basis of whether the customer meets the criteria that they have set for that product and that's it. You either fit or you don't. Whether it be for mortgages, secured loans, unsecured loans for homeowners, unsecured loans for tenants or tenant loans, the approach is exactly the same. They ask specific questions about your personal, financial circumstances and attribute a number to the answers. At the end of the questionnaire with you, they add all of the numbers up to give a total figure which is known as your credit rating. If this rating is within certain limits that the organisation has set for that product range, then you're in. If you're outside, regardless of how long you have been saving your hard earned cash with them, you're going to be disappointed.

With large organisations, they get thousands of requests every day and looking at the problem from their point of view for a moment, granting unsecured loans for tenants and tenant loans on the basis of a personal relationship would be impossible to administer. Let's say that the person at the bank that knows you best is away on holiday when you apply for your loan, or that they have moved to another branch, or to another company altogether, how would this affect your application? ?and just because you've been with the bank for twenty years doesn't mean that in every instance, a loan and the repayments that go with it is the right solution at that very moment in time for you. The bank might recognise that it may be irresponsible for them to lend to you at that time because of your overall financial situation and the likelihood that a further burden could make life impossible for you.

Sometimes we need to take it on the chin, dust ourselves off and have another go elsewhere as it could be the case that in real terms, the bank's lending products are not designed for you and you would in any case be better off with unsecured loans for tenants or tenant loans from another provider. That is where a finance broker is sometimes the most convenient option for many tenants. They may have access to a range of lenders, each with their own specialist products which therefore means that they could cater for people with a much wider set of financial circumstances than the bank.

There's plenty online and all you need to do is to fill in the enquiry form and let them do the rest. It could be as simple as that and you could have your money after signing and returning the written credit agreement that will come out in the post to you in a matter of days as the process for unsecured loans for tenants and tenant loans is much more straightforward than for secured lending. So don't worry that you've been turned down by your bank. Help could be just around the corner if you apply for a loan with a finance broker. Happy hunting!

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