Tenants, like homeowners, can also avail money through loans for any purpose like debt consolidation, car repair, funding college education, vacation expenses, etc.

Tenants belonging to any category, i.e. house association tenants, private tenants or council tenants or people living with their parents are eligible for tenant loans. They just need to fulfill some basic criteria like:

• Proof of regular employment

• Age proof of over 18 years.

• Proof or regular income

• Residential proof

Tenant loans do not require any collateral for borrowing money. This is the reason that tenant loans are so popular among non-homeowners and tenants. Through tenant loans, they can borrow an amount ranging from ?1000-?25000 for their need. This money is required to be repaid in a term of 6 months to 10 years.

As the tenant loans are unsecured, the lenders ask for a slightly higher rate of interest to make up for the risk attached to the repayment of the money. But the tenants can still avail lower rates by applying in the online market. As there is a lot of competition in the online market, the rates are highly negotiable. Proper research should be done and the quotes should be compared. The deal with the lowest APR and suitable terms and conditions should be selected.

CCJs, defaults, arrears have a devastating effect on the credit history of the borrower. Still, bad credit holders are not refused tenant loans if they are able to furnish good repayment ability, a regular employment and a stable income.

Tenant loans act as a support for people who do not possess any asset. They can surely build their assets with the help of tenant loans.