Unsecured loans as a name specifies does not involve any collateral against the loan amount. Anyone can avail this option to fulfill his need. When a prospective loan seeker approaches a lender, the first thing asked from him is whether he owns a house or not. Those who possess a house can easily go for any kid of loan as they can use their property as collateral. But unluckily, there are many people who do not own a house and live in a rented place.
For them it becomes very difficult to borrow money in the hour of crisis. The financers in the UK have designed a product specifically for them called tenant loan. Any citizen of UK who lives on rent basis or does not have a house of his own and is living with parents, relatives or friends, etc. is eligible for a tenant loan (need not say, he has to fulfill the basic eligibility conditions of a loan). Anyone can go through a bad finance phase at any stage in life and with modern concepts becoming acceptable to the common man, taking loan is no longer considered a taboo. Depending upon one’s finance repayment capacity, he can borrow this type of loan in the range of 500 to 10000 and repayment period is usually one to five years. This is a short term loan and amounts involved are of so smaller as their purpose is to extend a temporary support to the customer.The loan seekers can follow online application procedure to download and submit application form for this product.
They can therefore shop among the competitive offers of various lenders to settle on a most cost effective deal. The loan approval procedure is simple, short and hassles free. The bad credit holders can avail this loan to meet their needs. With proper and timely option helps them to elevate their credit ratings. Once borrowed, the customer can use this money anywhere like education expenditure, payment of routine bills like credit card dues, phone bills, electricity bill, medical bill, house rent or buying furniture, home appliances, going on vacation etc. But borrower must consider his repayment capacity and should go for on the amount which suits his budget only otherwise any missed EMIs can build up to big debt thereby further enhancing the borrower’s financial crisis. Addy Roy is author of loans n finance. For more information about payday loans and 3 month payday loans visit