When you think about getting an unsecured loan what’s the betting that you’ve assumed that any application you submit will be declined because you are a tenant living in rented accommodation and you know that you have a bad credit rating? There’s really no need to be as there are many options available to you. Ye, as you quite rightly knew, as a tenant you won’t be eligible to apply for a secured loan as you do not own a property to secure the lending against. But let us not focus on the negatives but rather the positives - the types of loans you can apply for in your situation. Pay day, logbook and unsecured or personal loans are all appropriate avenues to explore depending on your individual requirements. Because you have bad credit the interest rate that loan companies will charge you is likely to be higher. With a payday loan typical APRS exceed 1300% - the actual cost of borrowing is better represented by a £25 fee per £100 you borrow is an average rate. Logbook loans also attract higher interest rates. A typical would be APR 437.4%. For example, borrow £1500 and your weekly repayment would be £53.60 over 78 weeks, total repayable £4180.80 - settling the loan early could make you significant savings. An unsecured or personal tenant loan will provide you with greater flexibility and if your income permits, access to larger sums borrowed over a longer period. The APR on unsecured tenant loans will vary according to your personal circumstances and the loan providers’ acceptance criteria. This type of lending is regulated however so you will be protected by the Consumer Credit Act 1974 . As such, you’ll be able to take out insurance to protect your repayments should you be made redundant or suffer an illness that mean you are unable to meet your monthly repayment.
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