Tenant loans are specifically designed for people who do not own their own property so they are the best option for council tenants, private renters or for people living with their parents. They have variable interest rates depending on your circumstances and are approved in a quicker time because no valuation of your house is required, compared to a secured loan. Tenant loans can be used for a variety of reasons ranging from home improvements to debt consolidation to the purchase of a new car.
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Unsecured loans have also been named Tenant loan as they are not secured against your property. However the main difference is that an Unsecured loan can also be taken out by a homeowner, so they are not exclusively for Tenants.
Both a Tenant and Unsecured loan amounts range from around £1,000 to £25,000.
The majority of people in the UK would prefer unsecured loans given the choice. As long as you are in full time employment you are eligible for a Tenant or Unsecured loan.
And like a secured loan if you have a bad credit history it doesn't mean you can't get a loan. With such a large panel of lenders a bad credit history does not mean that you can't get an unsecured bad credit loan. In fact it may even be easier but you will need to be aware that you'll have to pay a higher interest rate as the lenders deem you to be a higher risk of not making all the repayments. The interest rate for the loan may not be as good as if you have a perfect credit rating, you will still find the rate to be very competitive.
With both a Tenant & Unsecured loan the interest rate charged can often be higher than for a secured loan. Plus if you are looking to buy a car you should also consider an unsecured car loan as an excellent alternative to car finance.
Conclusion
Whether you are a private tenant living in rented accommodation, a council tenant, a tied tenant or living with parents, you can get the loan you require, quickly, easily and with minimal fuss.
Even if you have a less-than-perfect credit history, CCJs, defaults, arrears, or if you're self-employed or living with parents, you can still qualify for a loan with Tenant Loans.
Most lenders of tenant loans even consider your credit rating while processing your application, and a good score and history would mean better terms and conditions, and low APR.
And if you already own a home, looking for a loan under £25,000 and don't feel happy about secured a loan on your property then your best option is an Unsecured Loan.
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