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.
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.
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.
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.
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