Unsecured Tenant Loans- No Guarantee Loans For Non Homeowners

Normally, a borrower is asked to pledge any asset to get his loan approved. In most of the situations, the lenders ask him to offer his house as a security for the loan. This is done by the lenders so that they can take over the house in case of any default in the payment. But, the problem arises when the borrower himself is living on a rented house. In other words, there are many loan seekers, who don?t own any house. These persons can?t offer any collateral while applying for the loans. Unsecured tenant loans are particularly meant for such persons only.

These Unsecured loans can be acquired by the tenants very easily. They can meet many of their demands with the help of these loans. An amount of 100-1000 pounds can be arranged very easily with the help of these loans. This amount can be used to pay some personal expenses like telephone and electricity bills, education fees or even the rent of the house in which they are living. The lenders would not interfere in any appropriation of the loan amount.

However, the unsecured tenant loans can be applied by the persons who fulfill the essential conditions of these loans. The foremost condition is the permanent citizenship of UK for last one year. They are also required to have a permanent bank account to which the money can be transferred directly. The age of the applicant must be more than 18 years. In addition to this, the lenders want a regular source of income in his hand so that he can repay the loan amount easily.

These loans may carry a higher rate of interest. This is due to the risk taken by the lender by giving an exemption for the security. However, the borrowers may insist on the lender and ask for a lower rate of interest. This helps to raise funds at low cost.

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Personal Loans For Tenants: Loans For Tenants For Personal Needs

A tenant is a person who does not own a home and lives in a rented house. If you are a citizen of UK then you must be aware of the financial arrangement called as personal loans for tenants. If you are a tenant and do not have any valuable asset to keep as security but still want a loan in order to fulfil your financial commitments then you can apply for a personal tenant loan.

This is an unsecured loan which can be short term or long term in nature depending upon the terms and conditions laid down by the lender. The rate of interest is higher as compared to secured loans; this is because there is no collateral as security with the lender. You can use this loan for nay use like wedding, business, paying home instalments or car rent etc.

There are a few formalities which the tenant must fulfil in order to get the loan. The loan application must have apt details about the place you live in, tenure, address etc. You must be at least 18 years of age and must have a decent salaried job. Also, you must have completed 12 months at the place where you live as a tenant. If you fulfil these basic conditions, you can get a personal loan for tenants.

Now, there is one thing you must keep in mind. If you have a good credit history then you will get a loan at a nominal interest rate. But with an adverse history the rate will hike to a greater extent. This is the reason why you must try to get the appropriate credit report and make good if there are any mistakes.

There are many benefits of personal loans for tenants . Firstly, you can get a loan in spite of you not having any valuable asset. This is a really very helpful thing as many people living as tenants can fulfil their financial commitments without any hassles. There are many money lenders win UK who deal in this kind of loans. If you do some research work online and offline then you are sure to find a reputed lender who can avail you a loan.

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