What is a tenant loan?

If you wish to take out a loan but you do not actually own the home in which you are living, you will likely need a tenant loan. This type of loan is suitable for those living at home with their parents or other family members, those who are living with friends in shared homes or those living in rented accommodation.

Typically tenant loans are unsecured so the lender will not require or demand any collateral or security when the loan is taken out, in the same way in which they operate if you were to apply for an unsecured loan for bad credit. There are a number of different loan offers on the market, from straight forward unsecured tenant loans through to guarantor loans where the tenant must find a home-owner to guarantee their loan. Tenants will also get offered small, high-interest payday and quick cash loans, so choosing the loan that is right for your requirements is important. Requesting an unsecured tenant loan online has many advantages and should be considered as one of your options.

Benefits of an online tenant loan

Efficient process – You can often spend just a few minutes filling in a simple online application form, giving you a decision in minutes. Attempting to take out a loan from elsewhere may see you dealing with mountains of paperwork and investing a lot of your precious time and effort into what only needs to be a relatively short process.

Good deals – A number of online lenders will not request upfront fees and only take payment when your loan completes. Online lenders, therefore, work very hard to find you the best deals in order to achieve a high level of customer satisfaction!

Acceptance bad credit history – If you are looking into tenant loans but are concerned about your credit history, applying online for a loan may be the answer. Loans are available for people in varying circumstances and some lenders will take more of an interest in your credit future rather than history.

Generous loans – Some lenders offer tenant loans from £500 up to £10,000, depending on your personal situation, ensuring you have enough to see you through – but also making sure you will be able to afford to repay your loan.

If you are currently seeking work then you’ll definitely want to read our advice on getting loans for people on benefits because regardless whether you are a tenant or not, being unemployed does make the process a little more difficult (but not impossible).