If you are an unemployed tenant you may still be able to get a loan despite this circumstance. Some companies will consider giving tenants who are unemployed a loan if they have little or no income. Obviously, if you are on income support, benefits, or disability living allowance then this counts towards total declared income.

As with any type of loan there is a requirement to pay it back over an agreed period. A flexible unsecured loan is the type that may be suitable for tenants who have become unemployed. Normally most unsecured loans consist of fixed monthly repayments spread over a fixed term. This is ideal for those tenants who have fixed monthly incomes. However, for the self employed tenant who is faced with an irregular income, or those who have just been made redundant, this is not a practical solution. A flexible loan may consist of a stand-by facility or holiday period or an overdraft. This ensures repayments can be made at a later date without harsh penalties being applied.

Help for unemployed tenants

If you are seeking an unemployed tenant loan for whatever reason, it is worth checking to see whether you can afford the possible repayments by using the loan calculator.

There are of course other ways to improve your finances. For example, are you aware of all the support and benefits you are entitled to and do you have income protection cover for any other loans or expensive purchases such as electronic goods? A good source of free independent information on debt management and debt consolidation for tenants is the Citizens Advice Bureau.

Please Note! YOUR HOME IS AT RISK IF YOU DO NOT KEEP UP REPAYMENTS ON A MORTGAGE OR OTHER LOAN SECURED ON IT. ALL SECURED OR UNSECURED LOANS ARE SUBJECT TO STATUS. SECURED LOANS ARE SECURED ON PROPERTY.

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