Until few years ago, lenders were reluctant to advance a loan without any security. But with growing competition in the market they are now ready to advance loans without the any collateral. Tenant loans are also one such loans that are advance to borrowers without any security. It can be availed by bad credit borrowers also.About tenant loans
Tenant loans are meant for people who don’t have any property to place as collateral to avail a loan. Tenant loans are unsecured in nature; it means you don’t have to place any security in order to avail it. With tenant loans you can avail an amount that ranges from £200 to £25000. The loan amount depends upon various factors like credit status of the borrower, monthly income, repayment ability etc. With tenant loans you can choose a flexible repayment duration that ranges from 3-25 years. Being unsecured in nature ,tenant loans carry a bit higher rate of interest compared to other loans, but that too is not much because of the neck throat competition prevailing in the market. Tenant loans can also be availed by people suffering from bad credit status due to arrears, defaults, CCJ, IVA etc. But for this bad credit borrowers will have to convince lenders regarding their repayment ability. You must have a full time job and regular source of income in order to avail tenant loans. Also you must be 18 years or more of age.
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