Tenant loan is an unsecured loan usually owned by those who don’t have there own property, or who leaves with their parents or those paying rent to a landlord.

Thus it is for the economically poor people of society. It can be used for a lot of purpose such as improving home, consolidating loans or to purchase a new car.

Thus tenant loan is used for improving the day to day life standard.

Getting tenant loan

Tenant loan is easy to get for whom who belongs to economically backward class. Although you should full fill sum of the criteria as follows

You should be currently in salaried employed

You have lived at your current address for at least 12 months

You posses your own bank account in UK

You have a credit/store card and keep up regular payments

You have a saving account to which you make regular payments

You have NO CCJ’s, rent arrears or bankruptcy history
This is the total criteria for getting the tenant loan.

Debt consolidation using tenant loans

By using tenant loans for debt consolidating you can make your all debts in a single payment. This means with one single payment per month you can make your budget more manageable.

Thus by this you can have a hold on your debt repayment which will further makes your budget more easy.

Benefits of Online tenant loan

Online tenant loans means borrowing tenant loans in your home by the help of internet. Here you all to do are that you have to search for various firms providing tenant loan by the help of internet. Then fill the required application form after choosing the correct firm for your needs. Now after this the money will directly be transferred in your bank account.

Online facility helps you in saving your precious time which you otherwise waste in searching the offices of various firms and other paperwork. Also it saves your money as you have everything at your computer and you don’t have to pay for taxi etc.

The most important one is that the firm providing online tenant loans doesn’t require a lot of workers and thus the invested money is shared between less people which makes the interest rate lower than those who provides offline tenant loans.

Interest rate for online tenant loans

For online tenant loans there is a variable interest rate of 10.9%APR, which ranges from 7.7% to 18.3% APR.

In case of failure of keeping up loans or mortgage repayment secured on it, your home can be repossessed. So it is advisable that before securing any further loans on your home be careful of this fact.

Poor credit history a problem

Poor credit history is one of the biggest problems in getting tenant loans as the Mainstream Lenders and High Street Banks never prefers negative credit check scores. Today about 50% of UK residents are facing credit problems such as CCJ’s, defaults, mortgage arrears, bankruptcy, debts, IVA’s and hire purchase defaults.

Getting a perfect credit score with any previous credit problem is almost impossible as your credit history will be on a credit check database.