These types of loans are generally meant for self employed people who don’t have a fixed source of income, and don’t have any collateral either so that it can be used as security against the loans they are applying for. One of the most striking features of loans for self employed tenants is that even if you fail to meet the deadlines, due to reasons whatsoever, you would not have to pay the penalty for this. The process is also hassle free because there is less paper work involved as no property assessment for the requisite collaterals is to be done here. Besides this, this loan is available for people with bad credit too. Only the following criteria must be satisfied:-

Must have full time employment
Existence of a contact number
Proper identity and address proof
A direct debt card acceptance facility should be attached with borrowers’ bank account.

Not long ago, giving loans to self employed tenants was considered pretty risky as there was no collateral involved and hence no feeling of security among lenders, but now the situation has changed and there are many companies who are trying to lure potential borrowers with their attractive schemes.

These loans are very easily available and not much complicated because less paper work is involved. The approval process is pretty fast too. Now days many online lenders are also offering loans for self employed one’s and it is very easy to gather information about them. You should check most of the options before deciding where to apply, because having more than one option always helps.

Loans for self employed tenants: amount and repayments The loan amount varies from £1000 to £50000, but it is decided on the borrower’s income. The repayment period is 5-25 years. This shows that these loans is quite flexible and provide the borrower with many options so that he or she can choose the one suiting their needs the best. Another option is cheap tenant loans which are very easy to avail but usually have much higher interest rates. Therefore it is advised that you gather all information before going ahead for the tenant loans. One better thing is that if you pay your monthly repayments on time then it enhances your credit history. Though it is true that self employed loan borrower have to pay a little more higher interest rates but they do enjoy certain privileges too, they can underpay in some month then can overpay in another and can also enjoy certain payment holidays after some time period during which they need to be regular.