If you are a tenant and have no security to place as collateral you can apply for the tenant loan. Such loans are similar in nature to the unsecured loan and thus have all the properties of unsecured loans. Before going for tenant loans let us find all about these loans.

Eligibility conditions for tenant loan:

1. You should be employed for a certain time period.
2. You should be earning salary and should have the present employment status.

These factors ascertain your repayment capability. As the loan is an unsecured loan hence the lender ascertains such conditions before lending you the loan. They also look whether you are residing at your current address since twelve months. They also look into your credit history. If you have a bad credit score then also these loans are available to you but with slightly higher rate of interest.

Interest rates
As the lenders do not ask for collateral so, the interest rates are higher. They generally lie in the range of 7% to 18%. Different lenders charge interest within this range. This also gives you an option of a large bargain. If you lie in the category of CCJs, defaults, IVA or the likes then the interest rates for you can go slightly higher.

How much can you borrow?
You can borrow from an amount ranging from thousand pounds to 25000 pounds. This amount can be repaid within six months to ten years. You can use this money for any purpose you like. You also have the facility to design the reinstallments payments according to your financial conditions.

How to obtain tenant loans?
There are many lenders both banks and financial companies lending such loans. They have different rates of interest and fee structure. So, a small effort of researching the market and finding all about the lenders with this loan facility, you can manage to get the loan at comparatively lower rates and easy repayment options.

Find about all the companies giving such loan. Make a list and compare their quotes. Find all about their terms and conditions. Also calculate your credit score. This will help you to decide whether you need to apply the loans for bad credit or the other one. This will also ease out the whole process and save your time.

There are lenders providing loans online. This is a fast and easy method. You just have to fill the application form online. The company will calculate the amount, your credit score and the repayment installments that you have to pay. This you can compare and then choose the lender with lower interest and processing fees.

Tags: conditions for tenant loan, Interest rates, tenant loan

This entry was posted on Saturday, November 8th, 2008 at 6:08 am and is filed under Finance. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.