ver wondered what is a institutions. You can borrow from
Tenant Loan? A tenant loan around "£1,000 to "£50,000 and
is another term for an choose to repay the tenant loan
unsecured personal loan. Tenant over a period of 1 to 25 years.
loans are aimed specifically at
people who do not own any The basic requirements for those
property. Tenant loans are a way wishing to apply for tenant loans
for those people who rent their are:
accommodation from the council,
private landlords or live with You are in full time employment.
parents to apply for a loan.
Tenant loans are unsecured You are paid by computerised pay
because you do not need to own a slips.
property to use as collateral on
the loan. Unsecured loans are a Your bank account accepts a
good loan option for people who Direct Debit facility.
are financially stable and able
to keep up loan repayments, and You have proof of identification
who may or may not own their own and residence - normally utility
property. bills.
Tenant loans can be taken out and You have made satisfactory rent
used for any purpose, including payments (excluding "living with
new car, debt consolidation, home parents")
improvement or luxury holiday.
You have a home telephone line
Tenant loans are available from a (or a mobile provided a copy of
range of banks, building the agreement is produced)
societies and other financial
The disadvantages of tenant loans that although the loan lender
is that you will not be able to cannot repossess your property,
get such low interest rates or as they can still take you to court.
much collateral as those who put
up their home as security have
access to. Rather than borrowing When applying for a tenant loan
up to "£100,000 which you can if you will need to have three years
you own a property, you will only accommodation and address
be able to borrow up to "£25,000. details, and three years
However there are benefits - the employment history. If you have
loan will not be tied to your moved address or job recently you
home so if you do have problems may have more trouble getting a
repaying, your home will not be loan.
directly at risk.
However there are loan companies
It is important to carefully plan that will offer you a loan
and budget your monthly whatever your situation, so make
repayments to make sure you can sure you are honest when making
afford to take out a tenant loan. your application and you will be
Tenant loan lenders will be less able to get a loan that suits you
relaxed about missed repayments and your needs.
because they do not have your
property as security. Remember
About the Author:
John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the www.directonlineloans.co.uk website.
Source: www.isnare.com
