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- What is a Debt Consolidation Loan?
- A consolidation loan offers the opportunity to put all your outstanding balances together into one block. This can include credit cards, personal loans and sometimes your mortgage.
- What is a secured loan?
- Secured loans enable homeowners to borrow capital against the value of their property. This means that you are effectively using your property to guarantee the loan. If you cannot keep up with the repayments, your home is at risk.
- How quickly can I get the money?
- How quickly you get your loan depends on who you buy it from.
- I live at home with my parents, can I still apply for a loan?
- If you live at home you are still eligible for a tenant loan – this is basically an unsecured loan in which you have no property to provide as security against the debt.
- How much can I borrow with a debt consolidation loan?
- The amount you can borrow on a debt consolidation loan is basically exactly the same as for a normal loan.
What is a Tenant Loan?
If you are a tenant you do not own your own home. This means that any loan you take out must be a Tenant's Loan and will be unsecured.
There are disadvantages to this in that you will not be able to get such low interest rates or as much collateral as those who put up their home as security have access to. Rather than borrowing up to £100,000 which you can if you own a property, you will only be able to borrow up to £25,000. However there are benefits – the loan will not be tied to your home so if you do have problems repaying, your home will not be directly at risk.
Tenant loans are likely to be unsecured loans and thus the lender will need to be recompensed for the lack of security on the loan by charging higher interest rates. When applying for a tenant loan you will need to have three years accommodation and address details, and three years employment history. If you have moved address or job recently you may have more trouble getting a loan. However there are loan companies that will offer you a loan whatever your situation, so make sure you are honest when making your application and you will be able to get a loan that suits you and your needs.
For a Tenant Loan
Risk Warning
Your home may be repossessed if you do not keep up repayments on a mortgage or any debt secured on it. Security by way of a charge on your home may be required.
Think carefully before securing other debts to your home.
- County Court Judgements ?
- How quickly can i get a decision ?
- What exactly is a personal loan?
- What is a secured loan ?
- What is a unsecured loan ?
- Should i get personal loan payment protection insurance ?
- What happens if i am suddenly injured or taken ill ?
- I live at home can i still get a loan ?
- What interest rate will i pay and is it negotiable ?
- In what circumstances should I consider taking out a personal loan?
- How much can i borrow ?