Tenant Loans - How Quickly Can I Get the Money I Need?

by : Andy Silk

Unsecured loans for tenants and tenant loans are just the job in many cases when you need the money fast. That's one of the key advantages of this type of loan over secured loans and mortgages and the reason why many people choose them to help make that special purchase.

If you're a homeowner and you already have a mortgage, all things being equal, you have the luxury of having more lending options available to you than if you're a tenant. You could go for unsecured loans in the same way as tenants but you may also have the option of secured loans and even remortgages. The property you own can in many instances be used to help you with a loan application in that it can be used as collateral in the deal. A homeowner could use the equity that they have built up over a period of time to borrow against and provide the security that the lender may require in order for them to release the funds.

For tenants, there are therefore fewer options than for a homeowner. Since there is no property ownership involved, secured loans and remortgages are not going to be available but this doesn't necessarily mean that getting hold of the finance required is not going to be possible. On the contrary, there are thousands of tenants that get the money they need every month for things like: a new car, motorbike or caravan, a fabulous, far-off holiday for all the family, a wonderful wedding with all the trimmings or simply to consolidate existing credit into one more manageable monthly repayment.

The process of applying is pretty simple. In fact, unsecured loans for tenants and tenant loans are often much simpler to apply for than secured loans or remortgages as there is no need for a property valuation which can in many cases, take an extra week or so to organise. All you need to do is to find a suitable online finance broker and fill in your details on their enquiry form. Within a short space of time, you should get a call from a loan officer to help you with your enquiry. They'll probably need a few extra bits of information in order to be able to find a suitable lender with an appropriate lending product to help you achieve what you need. They'll then send you the credit agreement out in the post for you to sign and return together with any other documentation that the lender may require as proof of who you are, nationality, income etc.

Within only a few days from then, the lender will be in a position to make a decision and if everything checks out OK, the money will be winging its way to you so that you can get cracking on organising your purchase. Unsecured loans for tenants and tenant loans are a very simple way to raise money with amounts often ranging between ?500 and ?15,000, which will probably cover the vast majority of the purchases you may have been hoping to make. As the process is relatively pain free, it is also a very streamlined one which means that you could be receiving and using the money in only a few short days from making the enquiry to getting hold of the cheque from the lender. Happy hunting!

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