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Tenant Loan: A Loan for non-homeowners.
Tenant loans are basically designed for people who don’t
have home of their own, So, tenant loan is an unsecured
loan, available to non-home owners. Whether you are
a tenant with a private house owner, staying in council
home or staying with your parents, you can always borrow
tenant loans. Infact, if you are a home owner but do
not want to offer your home as security, even then you
can go for tenant loans. There are lenders who even
offer tenant loans to people with bad credit, new settles,
etc.
Eligibility for Tenant Loan
As I discussed, a tenant loan is available almost to
every one, however, to specify, a borrower should fulfill
few specific requirements. Infact, the very nature of
their job and contract are unable to actually own property
or have any security for loan commitments. They may
have a very high income but be highly mobile or be recently
self employed with no accounts. All enquiries will be
dealt with on a case-by-case basis. However, your chances
of obtaining a loan will be greatly enhanced if you
can answer YES to the following:
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- You have a permanent source of income or you are
a salaried person or self employed.
- Have lived at your current address for over a year.
- Have your own UK bank account
- Can show a credit record.
- Have a savings account to which you make regular
payments
Cost and Amount of Loan
Like any other loan, in case of tenant loan, the amount
to be offered depends on various factors, such as source
of income, credit history, defaults in payments, year
at current residence etc. Similarly, interest rate depends
on various factors. Usually, tenant loans are offered
upto £25,000 and payment duration various as decided
between the borrower and the lender.
Use of Tenant Loan
In simple word, you can use the money received through
Tenant Loan for whatever you want. Whether you want
to buy a new car or want to go a luxury holiday, whether
you want to repay your costly credit card bills or to
manage your accounts properly, you can use tenant loan
for anything you want.
To summarize, if you’re not
a home owner, then a tenant loan is ideal for you. And,
if you are home owner but do not want to offer your
home as collateral even then you can opt for tenant
loan.
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