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.