What is a Tenant Loan?

Tenant loans are funds borrowed by non-homeowners for personal reasons. Tenant loans are not difficult to obtain and a poor credit history would not exclude a borrower from this loan type. Lenders consider these loan high risk and the loans typically have higher rates and fees when compared with other loan products in the market.

There is no collateral required for tenant loans. The approval process is fast and funds are typically available quickly as well. This is beneficial loan product for the borrower that needs to pay their bills quickly. The loan amount on these loans tend to be small, usually 2,000.00 or so.  However, long-term tenant loans have also become available, and can have terms of up to 25 years, the loan amounts of those loan types can be as high as mortgages.

Repayment options are similar to that of a credit card which means that you can pay the minimum amount due each month, or you can choose to pay more when you have the funds available. It is best to pay off your loan as soon as possible to avoid hefty interest charges.

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