Unsecured loans for tenants are called tenant loans and are known as such in the UK where they were created specifically for people who do not own property. They are in fact a personal loan based on employment, earning potential and credit rating and not on collateral. For that reason they are available at a much higher interest than a loan secured by property. Although the interest rates for this credit product will be lower than credit card rates, they will still be high. That said, some may choose to consolidate their even higher credit card debt into a slightly lower interest rate tenant loan and thereby be a little further ahead.
Where to Apply for an Unsecured Tenant Loan UK
Tenant loans can be obtained from a bank or from a private financial institution. The bank is the best option for those who have good credit ratings and good relations with their bank, however, bad credit loans for tenants are available through online brokers who specialize in matching a client with a financial institution. These third party lenders specialize in bad credit loans and debt consolidation. Bad credit tenant loans will be offered at a high interest rate because they are essentially unsecured and a risk for a lender.
The easiest way to get approval for them is to apply online at places like TenantLoans.com where you can get approved for up to £25,000. Interest rates will vary from just under 11% to over 27%, so you’ll have to carefully consider if this will help you or not. To consolidate debt and avoid filing for bankruptcy it may be an alternative.
Loans Online
Bad credit tenants loans were available at TenantLoansOnline but are now being routed through Loan Finder and they offer just over 23% APR and try to approve loans for tenants with bad credit as much as possible. They have about 200 lenders and will match your needs with what the lenders offer and secure you a loan as fast as possible. They charge a fee for their service.
Who Qualifies For A Guaranteed Tenant Loan?
Guaranteed tenant loan packages are often used to secure financing for council or housing associations or for private individuals who need a personal loan in a hurry. Council tenant loans may be obtained even by those who are self employed, who have had CCJ’s, even payment defaults and may be in arrears. Go to TenantLoan.com, which is UK based, and use their handy loan calculators to create a budget and plan your future.
