2014 Lender Lists:
Loans4Tenants @ www.loans4tenants.com
Loans4Tenants is a new service served at www.loans4tenants.com that was launched in October 2013. This brand was crafted by UK Credit Ltd who also trade as Guarantor Loans Online and UK Credit. You receive the same product when applying through either of those, but with the brand in question they are opening the doors to more people. This is through the introduction of tenant guarantor loans that replaces the requirement for the backing of a UK homeowner. This creates more risk and so the costs are higher here. If you apply at The Quick Cash Club then they also accept tenant guarantees, but they cater payday loan level amounts only.
When it comes to pricing, a fixed APR of 69.9% is in place that translates to £1000 over a 12 month period costing £317.12. You can additionally select their homeowner option that will redirect you to UK Credit where the rate is 47.9% APR (charge of £228.44). The Loans4Tenants product characteristics are smaller in their sizing than their other properties. Between £1000 and £3000 can be received between 12 and 36 months. When you are making an application over on the www.loans4tenants.com site this form is fully secure. Same day cash is available so long as the application is processed throughout the day of Monday to Friday.
The tenant guarantor must be at least 25 years old, they must be earning £1500 each month and they must be on the electoral register at their rental property. I do think that this new service has a lot of potential moving forward! When you usually have to find a homeowner, you can imagine that family members would usually be brought into the agreement on most occasions. When finding a tenant on the other hand this could just be a friend of yours that creates more scope within this niche. The pricing itself is also much more competitive than the various other bad credit loan solutions around today.