As the name suggests, tenant loans are loans for tenants, in other words people who do not own their own property, and live in rented accomodation.
We accept applications from all types of tenant i.e. Living with your parents, Council tenant, housing association tenant, private tenant, even if you are staying with friends or family. We will search the market to find you the best cheap loan that is available for you.
We only deal with reputable lending institutions, predominantly owned by major banks. This means that we are able to search the market on your behalf and find you the best possible loan.
A tenant loan can offer you.....
- Low rates
- Fast decision in under 1 hour
- Quick and easy to apply - simple 1 minute application form
- Terms available from 2 to 10 years
- Secured Loans from £500 to £25,000
- Fixed monthly repayments available
- Friendly and fast service
- Bad credit loans no problem
- No upfront fees
With the UK finance industry still reeling from the shock of the credit crunch, there are not that many lenders now that are in the market to lend money to non homeowners. Most of the Companies that were lending loans on an unsecured basis have closed down or simply stopped lending. The one or two lenders that remain in the market seem to prefer lending to homeowners. This makes it somewhat problematic for tenants to get credit or loans. However, there are still some sources left available and upon receipt of your application, we will submit your details to the last few remaining lenders around and hopefully come up trumps for you.
A recently new loan product that has been made available by a few lenders is the guarantor loan. If you can find someone that will act as a guarantor for you, then you are pretty much assured a loan of up to £5,000. The guarantor basically is there to promise to take over the loan should you be unable to continue making the loan repayments. In order to qualify, the guarantor needs to be a homeowner, earn enough to cover the loan repayments, and have a clean credit history as it is the guarantor that the lender will run the credit check on during the loan application process.
Guarantor loans are a useful product for tenants as they make available credit that would not normally be available to non-homeowners. They are also useful for loan applicants that have a history of bad credit that would normally stand zero chance of qualifying for a traditional unsecured loan.
Payday loans are also unsecured loans and are available to tenants and non-homeowners. The only issue with them is that they are only for relatively small sums of money and are only really meant to be used to get you out of a temporary fix, the idea being that you repay the loan when you next get paid.
Payday loans should never be used as a long term loan facility as they can be scarily expensive if you let them run for any length of time.