Tenant Loan
Tenant Loans
are really no different than any type of loan in that they are considered to be an unsecured loan. That is; the loan does not have any security to back it up so that if the customer defaults on the repayment, there is no house or car or other asset available to take in lieu of payment.
In other words, an unsecured loan means that the lender has less chance of getting their money back if a customer decides not to pay.
However, this does not mean that obtaining a tenant loan is any more difficult than getting a secured loan (ie. a loan secured against property for example) because every applicant still has to go through an application process that takes into account:
- Your credit history
- Your credit agreements (Past and present)
- Your credit worthiness
- Address history
- Employment history
The difference is because a tenant loan means that you will be applying for the loan with no security to back you up meaning that the application will be based purely and simply on your ability to repay the loan and to work this out, a lender will use a form of credit checking known as credit scoring. Depending on what your credit score achieves (and it will be different for each and everyone of us as it is based on your unique set of circumstances) means that your acceptance or otherwise will hinge on this score.
However, there is an alternative to this method and we at the Guarantor Loan specialists can help you out.
We will process your application for a tenant loan and assess you against your suitability to be able to repay the loan. If accepted then great, you can just proceed and we will deposit the funds into your account within a few hours. If you fail our credit score then you will be refused a tenant loan but don’t worry, we could accept you for a loan if you provide a guarantor.
To find out more just visit our guarantor loans page or if you are still intent on proceeding without a guarantor then just visit out tenant loan application page and we will do the rest!
