Renters have a hard time getting secured loans because they don't have anything to use as collateral. Now is the time to make things different. Tenants can also borrow money now with personal tenant loans.
Personal tenant loans are made just for people who rent. These loans are kind of like loans without collateral. So, as a renter, you can get personal loans without putting anything up as collateral. But before lending you money, the lender will look at your credit history. He could get help from credit rating agencies and check your ability to pay back.
To get a personal tenant loan, you must meet some important requirements first. These things:
You should be working full time.
Your bank account lets you use a direct credit card facility
- You must have a number to call. It could be a land line or a cell phone number.
- Your ID and proof of where you live
You can borrow anywhere from GBP1,000 to GBP50,000 with a personal tenant loan. You will also be able to choose how long you want to pay back the loan, which could be anywhere from 1 to 25 years. But the interest rate is pretty high because personal tenant loans can be taken out with no collateral. Still, you can make it work for your budget if you bargain.
Still, you should look at your finances before you apply for a personal tenant loan. If you don't pay back the loan amount, you won't lose the item you used as collateral. But if that happens, the lender can do something about it legally. So, first make sure you can pay back the amount, and then choose a personal tenant loan.
At the same time, you should remember that you'll need to give information about where you've lived and worked for the past three years along with your loan application. So, if you have recently moved or changed jobs, you might have trouble getting personal tenant loans.
Personal tenant loans are easy to find because many banks and other lending companies offer them. Many online lenders also offer personal tenant loans, so the Internet can also be a good place to look. Your search will be easier even if you fill out an application online. You only have to fill out an application form, and then the lender will get in touch with you on their own. And, of course, to get the best deal, you should always compare quotes from different lenders and then choose the best one.
Personal Tenant Loans are made especially for renters who can't get a loan with collateral. With personal tenant loans, you can borrow money as a renter to pay for things you want.
