Unsecured tenant loans
Tenants have rights too
If you're a tenant or any kind of non home owner then you might be surprised at some of the attitudes that you'll come across in the UK lending sector when you try to borrow money. Up until recently, people looking for unsecured tenant loans really did get the thin end of the stick when it came to applying for loans finance.
For a start not all lenders will actually allow a tenant to apply for their products as they don't sell unsecured loans at all. Some will limit your options - for example, you probably won't be allowed to borrow as much as you might if you were looking at secured loans choices. And, some lenders simply charge more for unsecured tenant loans. All this because you don't own your own home!
The reasoning behind these attitudes isn't anything personal to do with you. It's all about how lenders view the risks involved with lending money to consumers in the first place. As you can imagine, they like dealing with home owners simply because they can put their property up as a guarantee against the money they borrow. So, if they stop making repayments then the lender can get their money back from their home. So, many lenders simply prefer not to give out tenant loans at all as they don't have this option to fall back on.
Fair deals for tenants
There are, of course, plenty of lenders that will let you take out an unsecured loan as a tenant. They may charge you slightly higher rates to get it (again, this is all about security and risk issues) but they will be more than willing to help you out. But you do need to look for the lender that will treat you best and look at your application fairly and with some kind of common sense attitude.
Problems can sometimes arise when your lender credit checks you before they approve your unsecured loan application. The majority of unsecured tenant loans companies will do this and it's not such a big deal. In some cases, however, this credit check can cause problems in itself. Credit checks aren't just graded on how you've managed your finances - there are other factors that are considered too. So, you could have an impeccable financial track record but still come out of a credit check badly. It just depends on the criteria that a lender uses to rate you as a good or bad risk.
You can, for example, be marked down if you haven't lived at the same address for a long period of time - a common problem for many tenants as you can imagine. Or, you can be marked down for never having had a credit card or for never having borrowed money in the past. But, a good unsecured tenant loans company will understand how these things work - so you should be aiming to find a company like this.
Protecting your interests.
With our help you can meet all kinds of fair and reasonable unsecured tenant loans specialists - we can, quite simply, make getting the unsecured loan you want a hassle-free process. With our help you'll get the lowest quotes in the sector (because we look