What is a Tenant Loan?

Ever wondered what is a Tenant Loan? A tenant loan is another term for an unsecured personal loan. Tenant loans are aimed specifically at people who do not own any property. Tenant loans are a way for those people who rent their accommodation from the council, private landlords or live with parents to apply for a loan.

Tenant loans are unsecured because you do not need to own a property to use as collateral on the loan. Unsecured loans are a good loan option for people who are financially stable and able to keep up loan repayments, and who may or may not own their own property.

Tenant loans can be taken out and used for any purpose, including new car, debt consolidation, home improvement or luxury holiday.

Tenant loans are available from a range of banks, building societies and other financial institutions. You can borrow from around £1,000 to £50,000 and choose to repay the tenant loan over a period of 1 to 25 years.

The basic requirements for those wishing to apply for tenant loans are:

You are in full time employment.

You are paid by computerised pay slips.

Your bank account accepts a Direct Debit facility.

You have proof of identification and residence - normally utility bills. You have made satisfactory rent payments (excluding "living with parents")

You have a home telephone line (or a mobile provided a copy of the agreement is produced)

The disadvantages of tenant loans is that you will not be able to get such low interest rates or as much collateral as those who put up their home as security have access to. Rather than borrowing up to £100,000 which you can if you own a property, you will only be able to borrow up to £25,000. However there are benefits ? the loan will not be tied to your home so if you do have problems repaying, your home will not be directly at risk.

It is important to carefully plan and budget your monthly repayments to make sure you can afford to take out a tenant loan. Tenant loan lenders will be less relaxed about missed repayments because they do not have your property as security. Remember that although the loan lender cannot repossess your property, they can still take you to court.

When applying for a tenant loan you will need to have three years accommodation and address details, and three years employment history. If you have moved address or job recently you may have more trouble getting a loan.

However there are loan companies that will offer you a loan whatever your situation, so make sure you are honest when making your application and you will be able to get a loan that suits you and your needs.

You may freely reprint this article provided the author's biography remains intact:

John Mussi is the founder of Direct Online Loans who help UK homeowners find the best available loans via the http://www.directonlineloans.co.uk website.

---

Finance Your Home Business: Six Ways Under Your Nose

There are lots of ways to get additional capital to... Read More

Loans For Unemployed - Employing Home For A Solution To Unemployment

If the statistics for the quarter ended April 2005 are... Read More

What is a Homeowner Loan?

A Homeowner Loan is a way of using the equity... Read More

Cash Advance Company - Comparing Payday Loan Companies Online

Comparing payday loan companies online saves you time and money.... Read More

Loans Guide

Many people are confused by the different types of loans... Read More

If You?re Looking For Low Cost Car Finance, Loan Companies Offer Some Great Deals

These days having a reliable and safe vehicle to drive... Read More

How to Get a Secured Loan UK

Living in the United Kingdom, you might find yourself in... Read More

What is a Cash Advance Loan?

A cash advance loan is a short-term loan secured by... Read More

Online Car Loans - Getting a Good Quote Online

Online car loans enable you to get a good quote... Read More

Motorcycle Loans For Military With Bad Credit

Motorcycle loans for military with bad credit aren't hard to... Read More

Second Mortgage Loans

A second mortgage is a loan that is secured by... Read More

Locating Cheap Personal Loans

Locating the cheap personal loans that you're looking for isn't... Read More

A Guide to Finding Cheap Loans

Finding cheap loans isn't always easy? it seems like every... Read More

Why Choose a Secured Personal Loan?

Listed below are some of the many reasons why you... Read More

Why Student Loans are Better Than Credit Cards

You need some more money for college expenses this semester.... Read More

How to Find Cheap Loans UK

For the individual in need of cheap loans UK, it... Read More

Overnight Cash Can Be Yours

It's possible to receive up to 500 dollars cash overnight... Read More

Dos and Donts: Student loans

Parents should begin saving money early for their children's college... Read More

Understanding Secured Loans

A secured loan is any loan that is secured on... Read More

What is a Student Loan?

Not everyone is aware of what is a student loan?... Read More

Cash Advance Payday Loans: Yes The Rates Are Higher!

Typically Cash Advance Payday Loans have no credit checks, and... Read More

Loans for Doctors ? Financial Funding for Healthcare Professionals

The revolution that has affected everyone's financing technique is online... Read More

8 Point Checklist: Evaluating Online Vendors

Here are 8 things to consider, when evaluating lenders online:Website... Read More

What are Home Improvement Loans?

Home improvement loans are loans specifically designed by loans companies... Read More

5% Down Vs. 10% Down - A Comparison

It has always been an issue for home buyers to... Read More

Bridge Loan

A buyer of a new home may find himself or... Read More

Guide to Personal Loans

Here is a useful guide to Personal loans. What is... Read More

Finding the UK Loan that You Need

Because it can sometimes be difficult to find a UK... Read More

Quickest Payday Loans - Things To Look For in a Cash Advance Company For The Fastest Loan Processing

To find the quickest payday loans, you need to look... Read More

Thinking Of Co-Signing For A Loan? Read This First

It is quite common for someone, who is having trouble... Read More

What is an Unsecured Loan?

An unsecured loan is a personal loan where the lender... Read More

How To Easily Find A Military Loan

Military members the price for serving your country and defending... Read More

Refinance Your Car Loan - 3 Tips For Refinancing Your Auto Loan Online

Refinancing your car loan is an ideal way to lower... Read More