UK loans for private and council tenants – bad credit loans for tenants
A guide for tenants who are working part time and need a loan
In the UK today an estimated 10% of the current workforce is working part time. This amounts to approximately 6 million people and is made up of mothers, fathers, students, tenants, home owners and even retired people. It is fact that many part time workers may earn more than some people who are in full time work. Some occupations are secure and often permanent, and recent Government regulations http://www.dti.gov.uk/er/ptime.htm ensure that part time workers are now treated similarly to their full time counterparts.
Can I be refused a loan if I am a tenant and working part time?
This depends on the loan company’s policy regards your status as a tenant and as a part time worker. There are specialist loan companies and brokers who are prepared to consider applications for unsecured loans from tenants who work part time providing you can prove your income and can afford to pay back the monthly payments. Other factors a lender may use to assess a tenants loan application could include credit history, length of time in part time employment and the purpose for the loan. For example, you application may be looked on more favourably if the loan secures an asset such as car rather than money to spend in a leisurely fashion.
Even if you work part time and are a tenant with a bad credit history, and are looking for an unsecured tenant loan for whatever reason there may be company who can meet your needs. There are other options available such as employers who may be willing to offer small loans to their part time workers. If you are a student tenant and work part-time the National Union of Students http://www.nusonline.co.uk/info/money/ offers practical advice on grant funding and other useful financial tools.
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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