TENANT LOANS UK- financial backup for tenants
Availing a loan is very easy if you are ready to place collateral. But what to do if a person doesn’t have any personal property? The answer is very simple. Avail tenant loans UK. It is specially designed for people who don’t own any property like tenants and paying guests.
Tenant Loans UK
Tenant loans UK are meant to provide financial help to people who don’t own any person property to place as collateral. Tenant loans UK are unsecured in nature. You don’t need to place any collateral in order to avail tenant loans UK. You can avail tenant loans UK to meet both your personal or professional needs like buying a car, paying medical bills, vacation, paying debts and so on. Tenant loans UK can also be availed by people having bad credit status due to arrears, defaults, CCJ’s, IVA etc, but with slightly higher interest rate. The loan amount of tenant loans UK ranges from £3000 – £2500. Lenders advance the loan depending upon various factors like your regular income, bank balance and repayment ability of the borrower. The repayment duration of tenant loans UK ranges for 1 – 3 years. Being unsecured in nature tenant loans UK slightly higher interest rate compared to other loans, but that too is not much because of the tight competition prevailing in the market.
Lenders vary in how they approach your situation
Lenders will confirm your repayment ability before advancing tenant loans UK to you. For this they may ask for certain documents like job proof, income proof etc. Also you must have a full time job and regular source of monthly income that should be at least £1000 a month in order to be eligible to avail tenant loans UK. You must be 18 years of age or above to be eligible to avail tenant loans. But the most important of all is you must have stayed at your current address for at least 6 months.
Tenant loans UK is boon for people who can’t avail secured loans due to lack of collateral. You can avail tenant loans UK for any purpose of yours. Tenant loans UK are short term loans and hence don’t become a burden on the borrower. Tenant loans UK are open to bad credit borrowers also. Such people can increase their credit score by timely payment of loan installments.
There are many types of loan lenders
Tenant loans UK can be availed either by visiting physical lenders or through online method. Online method is much better compared to the traditional one. The transaction is faster, hassle free and requires less paperwork. Also you can search for various lenders that offer tenant loans UK and choose from them.
To conclude we can say that tenant loans UK are short term loans that can be availed without placing and collateral against the loan amount and is open to both good credit borrowers and bad credit borrowers.