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Loans glossary

Tenant loans

A tenant loan is a loan designed for consumers who do not own a property.

They can be taken out by people renting privately, in social housing, or even living with their parents.

Tenant loans can be secured by people with a poor credit history or county court judgements (CCJs) against them, but in this case the rate of interest charged tends to be higher.

A tenant loan is typically unsecured and can be used for any purpose.

The rate of interest charged changes depending on the amount of money borrowed, the length of time the loan is taken out for and the credit rating of the borrower.

Repayments on a tenant loan, along with the interest rate charged, tend to be fixed for the duration of the loan.

There is a large difference between the interest rates charged by providers, so borrowers are advised to shop around to find the cheapest tenant loan for them.


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