Tenant Loans - Can Tenants Really Get A Loan? Article

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Tenant Loans - Can Tenants Really Get A Loan?

If you don't own your own home, it can seem like an impossible job to get a loan but this article shows that even without collateral, you could still be in a position to apply for a tenant loan, who can apply and what you could use one for.

Author: Andy Silk

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If you rent your home and you need to borrow money with an unsecured loan, a tenant loan may be easier to get than you think.

In the past, lenders have tended not to cater for tenants because of their concerns about what may happen should their borrowers default. Since with a tenant loan, there is no property or collateral in general that can be used to secure the loan against, so if the borrower fails to repay the loan, the lender has no way of getting their money back and may have to swallow the loss. In the vast majority of cases however, this fear has not been fully justified.

Property prices have soared in recent years, taking many people further away from their dream of owning their own home, whilst others prefer to rent because it allows them more flexibility over where they live, particularly when their job requires them to move fairly frequently. The massive growth in the buy to let market has also had an impact by increasing demand for housing and reducing the opportunity still further for first time buyers to get on to the property ladder resulting in yet more people living in rented accommodation.

Greater numbers of people looking for tenant loans have made the UK lenders sit up and take more notice, so more and more tenants are now able to get their unsecured loan than ever before.

So what can tenant loans be used for?

- buying a new car or motorbike

- going on a fantastic holiday

- consolidating debts

- a fabulous wedding with all the trimmings, or even

- when considering buying your own home

Who can apply?

You can probably think of many more uses for unsecured tenant loans but whatever your loan purpose, you may still find that getting a tenant loan is much easier now than in the past and any type of tenant can apply:-

- council tenants

- private tenants

- housing association tenants, or even

- tenants living with parents

There are a few questions that may need to be asked since the lender has a set of criteria that they will need to meet but it may only take a moment to complete a tenant loan application, so don't worry. Just find yourself a suitable online provider and complete your details into the enquiry form. You should get a call from a loan consultant within a minute or two and they will help guide you through the process.

You may get a decision in principle within an hour or less and although you will still need to complete a written credit agreement and supply a few additional documents to support your application, you could have access to the money in days.

If you are in the market for tenant loans, go ahead and give them a try. You never know!

This article is free to distribute although please retain any links that may appear within the article or the author bio. Thank you.

About Author

Andy Silk is FinanceGuru for http://www.FeelGoodLoans.co.uk. He has had many years experience at a senior level within the finance industry and has written extensively on all aspects of personal finance. For more articles by Andy Silk together with financial hints, tips and a wealth of internet resources, visit the Finance News section of the website.

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