The most difficult point while looking for a loan is when you are asked for collateral. Especially when you are a tenant, offering collateral to the lender is a very big challenge for you. In situations like this it becomes quite a tough task to get a loan according to your financial position. But you can avail one loan which is offers loan to tenants without any collateral and that is Personal tenant loans.
If you are a tenant, personal tenant loans are the most suitable loan for you. You can avail these loans without offering any collateral to the lender. Hence you get the benefit of not risking any property. Even if you fail to repay the loan amount, the lender will have no rights to take away your property.
Personal tenant loans are mainly offered based on your credit score. If you have a good credit score, you will get a very good loan deal. But, if you have a bad credit score you need not worry too. Personal tenant loans are available to bad credit holders also with a loan deal suiting your credit situations.
Types Of Tenant Loans
Tenant loans are available in two forms- secured and unsecured. A can be availed by putting collateral against the loan amount. With a secured tenant loan, you can get a loan amount ranging from £3000-£25,000, and even more depending on your collateral value. The repayment term can be anything between 2-30 years. But if you do not want to put your property at risk, you can opt for secured tenant loanunsecured tenant loans which do not need any security. You can get amounts ranging from £1000-£10,000 and for a repayment of 6 months to 10 years. The interest rate depends upon the loan amount and the repayment.
Personal tenant loans prevent you from all risks but not from lender side. These are unsecured loans so lenders take a lot of risk by offering you loan. For that purpose, lenders need to confirm you about your repayment capability and whether you will be able to repay the loan in time. In order to avail personal tenant loans,
You are required to fulfill the following conditions:
- You must be a UK citizen and above 18 years of age.
- You must be a regular employee of a company
- You need to have a UK bank account.
Once you feel that to fulfill all these requirements, you can easily apply for personal tenant loans. With these loans you can get a loan amount ranging from £1000-£25,000 at a time. The repayment term is usually 6months to 10 years. Interest rates on these loans depend on the amount you borrow and the repayment that you choose.
How To Find?
Personal tenant loans are easy to avail. You can apply for these loans online without any wastage of time and money. Online lending will require you to fill an online application form. The form will ask you for certain details such as your credit score, employment details, identity proof, residential proof, etc. Once you submit the application form, the loan amount will be quickly transferred in your bank account. This process is quick and fast and offer you added benefits like discounts, special offers etc.
Your opinion by now must have changed if you earlier thought that getting collateral-free loan for tenants is impossible. With personal tenant loans you not only get loan but also in reasonable rates. Apply for tenant loans and make your life smooth.