Loans Choice
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Need cash fast? Consider a payday loan.
Secured personal loans are not necessarily secured on your home.
A tenant loan is an unsecured personal loan with a lower interest rate.
Low cost unsecured loans are available from banks and building societies.
Careers development loans can help you gain promotion.
Car purchase may be funded by Hire Purchase, Personal Contract Purchase etc.
Pay as you go credit cards can be useful if you have a bad credit rating.
Debt consolidation loans are not always a good idea as they are secured on your home.
Equity release will unlock cash tied-up in your house, but read our guide first.
An I V A can actually save you money.
A remortgage can also release cash for home improvements or auto purchase.
EAR (Equivalent Annual Rate) is used for overdrafts.
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Tenant Loans in the UK.
A tenant loan is only another name for an unsecured personal loan. However, if you are a tenant, this gives the lender some confidence in your integrity as you will have proved that you can keep up regular rent payments. If you are looking for an unsecured loan for a tenant with bad credit history, or an adverse credit loan, please read our Bad Credit Loans page first.
The amount you can borrow can be as little as £250 or up to £25,000; it varies considerably from lender to lender. Depending on the amount you borrow you can arrange to repay the loan between six months and ten years, although one to seven years is more normal with the average repayment period being around three years.
A tenant loan can be used for any reasonable purpose but business use is usually excluded. Normally, lenders only consider tenants who are between twenty-one and sixty-five years of age and you can still apply for a tenant loan even if you are still living with your parents.
Before applying for a tenant loan please consider the following points:
- You must normally be the tenant of a private landlord; not a council tenant. However, some lenders will accept council tenants and housing association tenants etc.
- You may be asked to provide a recent payslip or other information concerning proof of your income.
- You may need to provide a recent bank statement.
- You may need to provide some proof of your identity.
- If you have lived at your current address for less than three years you will probably be asked for your previous address.
- If you have a poor credit rating it may be better to try and improve your credit history first. See our bad credit loans page for details of how to do this.
Unfortunately, the interest rates quoted by lenders for an unsecured loan for a tenant will be higher than those quoted for a homeowner loan. However, if you are a tenant with a good credit record, it counts in your favour. Interest rates, in common with most other types of loan can be fixed or variable.
If you need a loan in a hurry, a tenant loan is faster to obtain than a homeowner loan because the property does not have to be valued first.
As with all loans the best advice is to shop around and obtain at least three quotes from different lenders and check the small print on the loan agreement carefully before committing yourself.