An introduction: Tenants are those who don’t have own home to live and have to accommodate in a rented house. Thus when some financial urgencies such as accidents, car repairing, paying of due bills or mortgages comes they think that they are helpless and no one will help them as they don’t have any security to offer. But with changing world this myth has no existence, as today many lenders willingly offer loans to tenants. Loans for tenants provide extra monetary help to such people without keeping any security and thus are of great help to economically lower class of society. The interest rate as expected is bit higher than secured loans and is a cost to the special service offered by the lenders. Some facts and figures: In order to avail these loans you have to search an optimal lender who satisfies all your needs and then fulfill some prerequisites given below: a) you should be in salaried employment presently when yon you go for obtaining loan. b) You must have resided at your current address for over 12 months. c) You should have your personal U.K. bank account. d) Having a credit/store card and maintaining the payments regularly will definitely help you. e) You have a savings account to which you make regular payments. The loan amount approved in loans for tenant ranges from 500 to 25,000 with a repayment time of 3 to 25 years. The typical interest rate is 7.7% APR to 18.3% APR. As no collateral is kept as security, you don’t have any risk of loosing your property in case of default in repayment. But you must be very timely in repayment of the debt as in case of failure in doing so your interest rate will climb up and your creditability will be destroyed.
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