The flourishing industries of countries such as the U.S.A and U.K caused a marked increase in the entry of people from all around the world. As a result, more and more people rent houses for accommodation in these countries. Like most homeowners, people living in rented houses also have their own requirements and desires. They also want to enjoy life with holiday trips, new cars and other household stuff. What will you do if you want to qualify for a loan and you don't have a house to secure against the lender?
Good thing, tenant loans are now available for non home owners. Tenant loans are unsecured loans that do not require any collateral which in most case is your house. As a result, most lenders will ask for a little higher rate of interest. They can also limit the funds that you can borrow. Although depending on your credit history, some lenders may allow you to borrow up to the same amount as a secured loan. It will be enough to meet miscellaneous expenses such as buying a new car, wedding expenses, holiday tour with friends and many others.
The interest rates on an unsecured tenant loan may be around 10%. Also, the repayment is shorter which may also add up the amount that you need to pay in your monthly installment. However, looking on the brighter side, since tenant loans are unsecured, you don't have to worry about too many paper works. You can find a lot of finance companies who provide online services to get a loan. If you are a tenant seeking for a loan, it's the perfect time to get an unsecured tenant loan.