Loans for tenants - the options

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As a tenant looking for a loan the options are restricted,
the most obvious one of course is that a secured loan is not an option.
Less obvious however is the fact that most lenders regard
homeowners as better risks and even when it comes to applying for
an unsecured personal loan homeowners will get a higher credit score
and tenants will get a reduced score. What this means to tenants is
that to get a reasonable credit score their credit history must be
very clean indeed. This does not mean they cannot get a loan with
poor credit history, but what it does mean is that tenants with poor
credit history will be charged a premium interest rate on a personal
loan over and above the rate a homeowner may be offered.

Council tenants have another option however with the right to buy scheme.
If you qualify you could purchase your home at a discount from local authority
this would help you in a number of ways as overnight you become a homeowner
with equity in the property - now a prime candidiate for a loan at a reduced rate,
in fact many lenders will allow you to borrow additional funds over and above the
discounted purchase price immediately-even with poor credit history.

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