UK loans for private and council tenants – bad credit loans for tenants
Information on loans for UK tenants who rent from their parents.
For those people who live with their parents or parents-in law, it can be difficult to build up a good credit history for the simple reason that you may be paying a low rent, or none at all. It is possible that you may not be required to pay utility bills such as the telephone, gas, electric or water, and if you do, it is unlikely these bills will be in your name. For these reasons, some companies will not lend as they do not have proof you can repay any loan. If you are a tenant living with your parents you can apply for a loan today.
Lenders that specialise in offering unsecured loans to people living with parents will probably require additional information on employment history, for example, how long you have been employed, pay increases, and detailed information on monthly living expenses. This may seem an arduous process and processing any loan application could take longer, however, all tenant loan applications are usually assessed individually and many other factors are taken into consideration. This is good news for those people living with parents who may have a bad credit history, a CCJ, bank defaults or have been turned down for loans in the past.
People living with their parents will often seek loans to purchase a car or fund back-packing holidays, fund higher education or even start a small business. Whatever, the reason, each company will evaluate a tenant living with parents loan application on their individual merits.
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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