How do Tenant Loans Work?
A tenant loan is another term for an unsecured personal loan. Tenant loans are aimed specifically at people who do not own any property. Tenant loans can be taken out and used for any purpose, including debt consolidation, a new car, holiday or computer. Tenant loans are available from a range of banks, building societies and financial institutes. You can borrow from around £1,000 to £25,000 and choose to repay the tenant loan over a period of 1 to 10 years.
In the United Kingdom, tenant loans are defined as loans designed for those who do not own property, particularly housing or real estate. They are tenants and therefore one of the types of loans they may choose to seek are tenant loans. The loans are unsecured and usually come with a higher interest rate than secured loans. In some ways, tenant loans are like credit cards. However, they are not a revolving line of credit. Rather, they are like any other type of installment loan, except they have no real property backing them up. Therefore, they are at somewhat of a higher risk than most types of traditional loans. However, for some, tenant loans may have a big benefit over credit cards for those who are already experiencing a substantial amount of credit card debt. The loans usually come with a lower interest rate than credit cards. Due to this fact, some may decide using a tenant loan in order to retire credit card debt is a good option. Borrowers can use the cash gained from tenant l
