Tenant Loans
Compare tenant loans with real interest rates.
You can borrow a tenant loan even if you do not own a property. Tenant loans are unsecured personal loans that you can borrow without any collateral and spread the cost of repayment over several months.
Loans from £1,000 – £35,000
Borrow for 12 to 84 Months
Minimum Documentation
No Collateral or Mortgage Required
Real Interest Rate
What is a Tenant Loan?
Tenant loans are unsecured personal loans designed for non-homeowners (someone who doesn’t own a property). As you will not be required to offer any collateral or security against the loan, the rate of interest may be high. Homeowners mostly find it easy to gain access to funds as they use their home as security. But tenants, who do not own property find it challenging to get a loan. However, now you can easily apply for an unsecured tenant loan in the UK with us.
The rate of interest that you will be offered depend on a variety of factors such as your credit score, income, expenses, debt utilisation ratio, creditworthiness, and affordability. Your profile will also be subjected to a credit check. However, the lenders we are associated with use a soft credit check to give you an in-principle decision. A soft credit check doesn’t leave any footprint on your report and hence, it doesn’t impact your credit score at all.
Reasons to Borrow a Tenant Loan
Your property will not be at stake if you fail to repay the loan on time to the lender.
Use the funds to tie the knot. Cover the shortfall in your wedding expenses.
If you have multiple debts, you can use the funds to consolidate them into one for easy repayment.
As the entire process is carried out online, you do not have to wait for days to get the funds.
Things to Consider Before Borrowing a Tenant Loan
With LoanTube, you can access the widest range of loans for tenants. Better still, you don’t have to find a guarantor or offer your car as security for online tenant loans.
Whether you have a good credit rating or a bad credit rating, there’s a real chance we could help you find the best tenant loans available on our panel for your personal and financial circumstances.
You can borrow between £1000 and £35000 with personal loans for tenants and you have up to 84 months to pay it back. Make sure that you borrow an amount that you can easily repay.
Many tenant loan providers offer early repayment without any penalty meaning you can save money on interest if you repay the loan in full before the agreed end date.
Alternatives to Tenant Loans
Tenant loans are unsecured and hence you do not have to offer any collateral. For this reason, most of the tenants in the UK choose this to bridge the gap between their expenses. However, if your loan application is denied or you do not get access to funds that you need, you may consider some alternatives.
Credit cards are a popular financial product that most of us use in our daily lives. If you haven’t maxed out your credit limit, you can use it. However, ensure that you repay the debt on time to the credit card company to avoid high-interest rates. Generally, you are required to repay the debt at one go when you use a credit card if you do not wish to pay any interest.
You can use your savings to manage your expenses. Also, you can use your emergency fund (if you have one) for your needs. We create an emergency fund so that we can use it in times of need. However, we don’t feel like taking out the money when the time comes. Use funds from the safety net and ensure to fill it back whenever possible.
Ask your friends and family to help you out. Discuss your concerns with them and try to find out a solution. If someone agrees to lend you a helping hand, then sit down and plan your repayment structure with them. This way they will know that you will return their money and by when you will do so.
Why Should You Apply With Us?
Warning: Late repayment can cause you serious money problems. For more information, go to MONEYADVICESERVICE.ORG.UK
Credit subject to status & affordability assessment by Lenders.
LoanTube is a credit broker and not a lender.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on any debt secured against it.
Credit subject to status & affordability assessment by Lenders.
LoanTube is a credit broker and not a lender.
Think carefully before securing debts against your home. Your home may be repossessed if you do not keep up repayments on any debt secured against it.
FAQs on Tenant Loans
We have answered almost every question related to tenant loan that are frequently asked. If you do not find something, please contact us.
I’m 17. Can I apply?
The answer is no. We are only able to help borrowers find loans if they are at least 18 years of age.
Do I need to be in employment?
You should not apply for a tenant loan if you’re currently not employed as the lenders on our panel would not feel comfortable giving credit to someone in that situation. For the best chance of getting a tenant loan, you should be employed full-time and on a permanent basis. Or if you work part-time, a regular and predictable income is necessary to apply for the loan.
Can you help applicants who are bankrupt or who have an Individual Voluntary Arrangement (IVA) or a debt management arrangement to find a tenant loan?
We’re sorry but, at the moment, we’re not working with any lenders who are willing to lend to any applicant with a bankruptcy, IVA, or debt management arrangement order against them.
Will they repossess my car or any other valuables of mine if I can’t keep up with the repayments?
No.
What information will you need from me?
Not much. We want to make the application process as quick and as simple as possible. We will need you to tell us about how much you earn, how long you’ve worked for your employer and what it is that you do for them, your monthly outgoings, and a few more questions.
Will I need a guarantor?
No, absolutely not.
What length of time do you need to make a decision?
We normally get back to you within just a few seconds. Every now and again, a lender who is interested in working with you might need to ask you some additional questions after receiving a provisional offer to confirm it. Please be aware that the lender may alter or withdraw the offer of a tenant loan depending on the answers you share with them.
Is LoanTube authorised to lend me money?
We normally get back to you within just a few seconds. Every now and again, a lender who is interested in working with you might need to ask you some additional questions after receiving a provisional offer to confirm it. Please be aware that the lender may alter or withdraw the offer of a tenant loan depending on the answers you share with them.
How do you know which companies will lend me money and which ones will not?
When we become partners with a lender, one of the first things they do is to send us a list of the types of borrowers they would like to work with. You might be just the type of borrower one lender is looking for but another might not consider you. Our job is to pair you with the right lenders based on the information you give us.
It’s got to cost more applying through LoanTube than directly, surely?
Definitely not and we’d like to reassure you about that. You’ll be offered exactly the same rate if you apply through LoanTube than you would if you applied directly to the lender. We’re on the side of the borrower and we’d never enter an arrangement with a lender where it would cost you more money applying through us. It’s not fair and it would not make LoanTube competitive if we did.
What happens if you find me a lender but I don’t like the offer?
You are under no obligation to accept any of the deals we find you. If you’re not happy with the offer or with the terms and conditions of a loan, you can walk away. We’d thank you for trying us and there is no charge at any point for our services.
Representative APR Example
The rate you are offered will depend on your individual circumstances.
Representative APR Example: On an assumed loan amount of £2,600.00 over 36 months. Rate of interest 41% per annum (fixed). Representative 49.7% APR. Total amount payable £4,557.89 of which £1,957.89 is interest. 35 monthly repayments of £126.61 and a final payment of £126.54
