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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)
What Is A Car Loan?A car loan is a type of credit offered by a bank or other financial lender for the specific purpose of buying a ..... 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 ......
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