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Unsecured Loan Options for Tenants

February 08, 2012 | Comments: 0 | Views: 171

Unsecured loans for tenants are designed for people living in rented property, with the obvious reason that these people do not have a property to act as security for their loan. This can often mean that tenants will struggle to get loans from high street banks or supermarkets. Due to their circumstances, this type of customer is often tagged with unreasonable high interest rates. In instances like this, unsecured loans are one of the best alternatives; providing you have good credit rating and can give proof that you can afford the repayments, you have a good chance of being accepted.

Unsecured loans were first introduced by specialized lenders and high street banks, created to help non-homeowners and those with adverse credit in the past. There are now many types of unsecured loans around to facilitate the customer's every need, whether that's short-term finance in the form of a payday loan, or personal loans such as specialist guarantor loans and tenant loans which offer up to £5000 and £15000 respectively, none of which require the security of a home. The majority of unsecured loan lenders have a website with an online application form, meaning that they will cover the majority of the paperwork, making the application process very quick and efficient. These loans can be used for consolidation, wedding plans, home improvements or a new car.

In order to be eligible for an unsecured tenant loan you must be over the age of 18 and currently renting a property; they are also available to homeowners who do not want to risk their property if they miss payments and the loan defaults. The criteria of an unsecured loan for tenants is slightly more lenient than that of a secured loan, however each company has their own process, some more rigorous than others. Another option for tenants is a guarantor loan, these are still unsecured loans and do not require you to place any property for security, however they do require a guarantor (a homeowner) to support the application and guarantor the monthly repayments if they are missed by the borrower.

All online lenders will have a help line meaning that if you have any queries before, during or after the application process, experts will be able to advise you to the best of their ability. The free loan quotation service provided by these online lenders are no risk meaning that the majority of brokers and lenders will charge no upfront fee for their services. If you have been charged for upfront fees, you have the right to claim that back, as the brokers are legally only allowed to keep £5 of your cash.

All in all unsecured loans for tenants are a great option for those who do not qualify for a secured loan or those who do not with to risk their assets if the loan defaults. The quick and easy online application form makes the service flexible and efficient.

To learn more about Tenant Loans visit www.loans4tenants.com or read more articles written by Jason C Scott

Source: EzineArticles
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