A tenant loan is really just another word for an unsecured personal loan. The convenience, and name of it, comes from the idea that it is for people who do not own a home. It is one way that a non-home owner can get a loan for just about any purpose. Here are some features about this little known type of loan - it may be the very type you are looking for.

A tenant loan may be the one type of loan that you can get when other types may not be readily available. Here are some of the things necessary in order to get this loan.

Unsecured

The one feature that makes this loan relatively easy to get is the fact that you do not need any security. It more or less is based on your present circumstances.

Employment

Probably the most important fact of a tenant loan in this country, is that you be employed and receive a digitized paycheck. The reason for this last feature is that the money needed for repayment of the loan must be automatically withdrawn from your paycheck. As long as you have the ability to make repayment on the tenant loan - you can probably get one.

Purpose

One really good thing about a tenant loan is that you really do not need any particular purpose in order to get it. You can use it for anything - debt consolidation, vacation or trip, new car, furniture - whatever.

Proof

Because there is so little in the way of collateral given, there is also the strong need for things like positive identification, proof of address, and proof of employment that will need to be given before the loan will be given. Probably extra steps may be needed for verification before you can get your loan.

Disadvantages

While they might be relatively easy to get, there are also a couple of drawbacks. The first is that the interest levels are higher than for a loan that is built on some form of collateral