| Access to loans is now possible for tenants as well. | | | | these loans are given for 5-10 years. |
| How? With unsecured loans for tenant, a tenant also | | | | The absence of collateral enhances the risk-factor of |
| can finance their needs. Since these loans are | | | | the borrowed amount. And due to this reason, lenders |
| unsecured loans, thus, there is no obligation of pledging | | | | charge a high interest rate on these loans, by which |
| any security and due to this reason a tenant can easily | | | | lenders tries to cover the risk. But still, borrowers can |
| opt for this loan option. | | | | get some relaxation in case of the interest rate of |
| As there is no requirement of security, therefore all | | | | unsecured loans for tenant. Some initiatives like |
| types of tenants including council tenants, housing | | | | meeting various lenders, studying their loan quotes, |
| association tenants, MOD tenants, private landlord | | | | comparing them add some extra pace to the |
| tenants, living with parents, housing executive tenants | | | | probability of getting these loans at an affordable |
| can apply for these loans. But, fulfillment of some | | | | interest rate. |
| criteria is necessary in order to get unsecured loans | | | | In this context, it is necessary to mention that |
| for tenants. The criteria are as follows: | | | | submission of some documents, like three years |
| - A borrower should be a fulltime employee and his | | | | residential details, three years employment history is |
| monthly income should not be less than ₤1000 | | | | mandatory while submitting the application form of |
| - Having an active checking account, which has direct | | | | unsecured loans for tenants. Therefore, if you have |
| debt card acceptance facility is mandatory | | | | recently changed your jobs or residence, it would be a |
| - Borrowers must have a valid identity as well as | | | | bit tough for you in qualifying for unsecured loans for |
| residential proof. | | | | tenant. |
| - And last but not the least, having a contact number, it | | | | With unsecured loans, a tenant can finance their |
| could be mobile or landline is necessary. | | | | various needs. With unsecured loans for tenants, a |
| The package, offered as unsecured loans for tenants | | | | borrower can consolidate his debts; he can use the |
| is ranged from ₤1000 to ₤50,000. | | | | money for personal purposes like, buying home or |
| However, while deciding the borrowed amount, | | | | other automobiles, making holiday trip, using money for |
| borrowers' income, credit score, repayment capacity | | | | wedding purposes, financing in business and many |
| etc are taken into account. Based on the borrowed | | | | more. |
| amount, the repayment period is decided, but generally, | | | | |