Loans UK – Focus on UK Tenant Loans

We all have dreams and aspirations, and we all work very hard to fulfil them… But, when funds are limited and need unavoidable, taking credit – like loans – makes sense. It is a known fact that homeowners and property owners can easily apply for loan by placing their home or any other asset as collateral. However, not all have the privilege of doing so. Tenants or non-homeowners are people who do not own a home. In view of their inability to offer security, how can they get funds to finance their dreams?

In their endeavour to cater every segment of society, lenders have devised favourable tenant loans. These loans are availed for a variety of needs… People use them to buy their desired vehicle, to go on their dream vacation, to consolidate their existing debts, to make their wedding day unforgettable, etc. Some avail tenant loans even for lifestyle luxuries such as spa treatment and cosmetic surgery.

As tenant loans are availed without placing collateral, the APR is typically high, and loan terms and conditions virtually fixed. This is how lenders try to secure their money, in the absence of collateral. As with most loans, tenant loans too have basic eligibility criteria. Person applying for this loan should:

Have his own bank account in the UK


Be employed (full-time)


Have a savings account to which he makes regular payments


Have lived at his current address for over 12 months


Have made regular rent payments (this condition is not applicable in case of those living with their parents)

Borrowed amount → £5,000


Payment duration → over 60 months


APR (Average Percentage Rate) → 8.3% (Fixed)


EMI (Estimated Monthly Instalment) → £101.59 per month


Total payment → £6,094.94