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  • Unsecured Tenant Loans

    Posted on September 18th, 2010 William No comments

    Tenant loans are loans designed for people who don't own property; these are generally unsecured loans with a higher interest rate than homeowner loans such as mortgage loans. However, they tend to have lower interest rates than credit cards, which can make them attractive for paying off credit card debt. Tenant loans are a form of personal loan; the term is mostly used in the United Kingdom.

    As with any personal loan, a tenant loan will come with an agreement that specifies the interest rate, payment schedule (including payment amounts) and any conditions and late fees that apply to the loan. Like a mortgage loan, a tenant loan can sometimes take over twenty years to repay.

    As tenant loans are often sought by desperate people, there are naturally a number of scammers to be found online; before applying for a loan from any business other than a well known bank, it's worth doing some research to make sure they actually are a legitimate business. You'll also want to check out the business's privacy policy to ensure that they're not soliciting loan applications as a way of collection personal information.

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