Tenant loans are the credit schemes for people who do not have their own
house and live in a rented space hired by themselves or their employer etc.
Anyone who does not have a house and is sharing a rented space with a friend or
family member , or living in some other person’s house like parents , siblings
or relatives etc. also come in this category.
The advanced researches by UK’s
finance experts have come up with several schemes which offer loans to non
homeowners and tenants with a sympathetic and neutral approach. They believe
that these people also have right to borrow money so unsecured loans are
becoming common these days. are unsecured type and do not require borrowers to pledge any
collateral towards the loan. Because of the absence of security, the loan
amounts are relatively small as compared to secured loans and fall between
£1000and £25000 with shorter payback duration which varies between 6 months to
10 years. Interest rates may be slightly higher but borrowers can settle down
on a cost effective deal by doing a wide research on various lenders through
World Wide Web.
The clients with poor credit record due to defaults in the past like skipped or
stopped payments and arrears etc. are also accommodated by these lenders. In
some cases the loan seekers with poor credit score may be asked to pay higher
interest rates but those with good earning and good repayment potential they
can settle on reasonable interest rates.
These loans are approved in two categories in terms of interest rates. These
are fixed interest rates and flexible interest rates. In fixed type, the rate
is constant throughout the tenure and remains unchanged with any fluctuations
in the financial market. In Flexible type, the rate changes in proportion to
the variation in market forces.
The loan seeker can visit in person to the financer, bank or other lending
institute to get this loan or he can go for the same online. The online process
is always preferred because it saves a lot of time money and effort of the
borrower. After grant of loan, the borrower is free to use money to resolve any
of his emergencies like education, wedding, home repair, purchase of vehicle
Denile Haden is an advisor of No Credit Check Tenant Loans. For more
information about , visit