UK Tenant Loans
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An unsecured tenant loan is an amount of money (usually between £500 and £15,000) that you obtain from an unsecure lender such as a building society or unsecure loan company and which you commit to repay over an agreed amount of time. The borrower will have to pay an amount of interest to the unsecure lender for the privilege of receiving the unsecure loan; the total amount you repay can vary from unsecure lender to unsecure lender.
A tenant loan is often used for a wide range of things, for example to pay for a new car or an extension to your home, or to save money on existing debt such as high interest credit cards. repay month to month.
Tenant loan rates are normally fixed for the term of the unsecure loan contract, which means you know precisely the amount you will have to repay each month.
With a tenant loan the amount a loan company charges could range from as little as 5.5% APR to as much as 39.9% APR. Getting the best unsecure personal loan can be difficult as there are so many unsecure loan products wishing to give you a tenant loan (if you meet their credit requirements, of course).
To ensure that you get the best value unsecure loan, make sure you carefully check a variety of unsecure lenders. A difference in interest rates might cost you £££'s during the life of your tenant loan.
Unsecure loan providers need to be certain that borrowers are a 'low risk' and therefore do not have a past of poor credit and neglected debts. To do this, the unsecure loan company will check your credit record from a credit reference agency. A bad credit file will not automatically exclude you from obtaining a tenant loan, however, it's probable you will be given an increased unsecure loan interest rate. Credit scoring for unsecure personal loans : Unsecure lenders have different criteria for granting unsecure personal loans, so though you may not fit one unsecure loan company's criteria, you might meet another's. A specialist loan broker who is knowledgable about unsecure providers' terms and conditions has the ability to introduce an loan applicant to the appropriate unsecure company.
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