Help Desk

What is Tenant Loan?

A tenant loan is an unsecured loan available to tenants. A tenant loan can be used for a variety of reasons.

A tenant loan is a type of unsecured loan available to those that do not own their own property. For example, you may be living with your parents or be paying rent to a landlord.

Tenant loans can be used for a variety of reasons ranging from home improvements to debt consolidation to the purchase of a new car...in fact, just about anything!

You'll probably have seen hundreds of sites advertising loans but saying 'sorry no tenants'. Why is getting a tenant loan more difficult?

Most loans available online are restricted to homeowners only, as the loan is secured against the value of the borrower's home. Tenants obviously don't have this luxury, and so need to apply for a different kind of loan.

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An unsecured loan is really the only kind of loan available to tenants, and the decision on whether to approve your application or not is based on a combination of the amount you want to borrow, the amount of income you have, and your previous credit history, rather than the value of your home. This makes it more difficult to be approved.

Unsecured loans are widely available from high street banks, but will generally need either a good credit history or an excellent income. What can tenants, people who live with their parents, and others with a poorer credit history do?

MoneySuperMall can offer loans to tenants with a wide variety of circumstances, incomes, and credit ratings.