Tenant loans are unsecured loans which are available to non homeowners and can also be available to homeowners. They are specifically for tenants who do not have anything to place down as collateral when taking out a loan.

You do not have to be a homeowner to take out a tenant loan. Because the loans are unsecured you do not have to place any collateral down in case you miss payments. With unsecured loans the time in getting the money through to the borrower is much faster than a secured loan because the lender does not have to carry out extra checks on the collateral you are placing down.

With a unsecured tenant loan you can have your cash within 48 hours after the lender agrees to the loan. Because of the quick turnaround for the loan many people do take the unsecured option without looking at the high interest rates involved.

The interest rates charged by the lender on a unsecured tenant loan is higher than a secured loan. The reason for this is because there is no collateral placed for the loan the lender is taking a much higher risk when lending you the money. Because the only thing they have is an agreement between the two parties the lender must have some sort of security which in this case is the inflated interest rates the borrower pays. In many cases you might see rates which are 100% of the amount borrowed. This may sound ridiculous but many lender are offering it and for people who can not get a loan from any other lender taking this loan might be their only option.

You can use a tenant loan for absolutely anything. It acts as a personal loan which can be used for a new car, holiday etc. Many tenants choose to take out a tenant loan to consolidate debt. This is when you pay off all existing loans etc. with the tenant loan leaving you with one simple payment to make each month.

For more information about taking out a tenant loan call our advisors now on 0800 1777 497 or fill in our enquiry form for a call back. Our advisors will answer all questions and offer you the cheapest rates possible for a tenant loan.