Pledging asset for a loan was an obligation earlier but now with a big percentage of the population living as tenants; it may not be possible for every borrower to pledge an asset. So, to provide them with an equal opportunity, loans have been structured which do not require any asset to be pledged. These loans are called tenant loans.
Tenant loans are collateral-free loans which are available to borrowers who are tenants and do not have any fixed assets of their own. Tenants can avail these loans to fulfill any of their personal needs. All types of tenants like house association tenants, council tenants, private tenants etc can take up money through these loans. Even those adults who live in their parent's house can take up money through these loans.
These loans do not require any assets for borrowing the money. This makes them unsecured and thus slightly risky for the lender. So to cover up this risk, the borrower is charged a slightly higher rate of interest by the lender of the loan. This rate of interest can be lowered by researching for a low rate loan deal.
An amount in the range of £1000-£25000 can be borrowed by the borrower for his personal needs like home improvement, educational funding, wedding expenses, debt consolidation, etc. the borrower has to repay the loan in a term of 6 months to 10 years. However the tenant has to be employed regularly to gain approval for these loans. He should also be a tenant at his present dwelling since the last 3 months at least. Adulthood and citizenship of the UK are other criteria for approval of these loans.
Bad credit borrowers can also take up these loans for their needs. Of course the risk for the lender is higher and a higher than usual rate is charged. A thorough research can help him get a low rate deal and if he applies for the loan through the online mode, he can choose the loan deal himself. This way tenants can also get money for their needs easily nowadays.
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