Unsecured Tenant LoansPosted 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.