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For those people who are in need of money to fulfill their needs but do not have assets to pledge, there were very few options. But now with tenants occupying a major percentage of the UK, opportunities have been designed for them too. To deal with their financial crises, unsecured tenant loans are made available for these tenant borrowers. For the borrowers who do not have any assets of their own, it sometimes may become very difficult for them to cope up with their needs and requirements of money. Since they do not have any assets, they cannot depend on those too. So opportunities that do not involve any assets have been structured for them. Like these unsecured loans meant for tenants, the borrowers are not required to pledge any collateral with the lender and can borrow the money for their needs easily. All types of tenants like private tenants, council tenants, house association tenants etc can take up these loans easily. Even those borrowers who live in their parent's house can take up these loans through the collateral-free form. The borrowers can take up money for any needs that they have like debt consolidation, home improvement, car purchase, wedding expenses, educational funding etc. An amount in the range of £1000-£25000 can be borrowed by the tenants through these loans. This amount is required to be repaid back to the lender in a term of 6 months to 10 years. The rate of interest charged on these loans is slightly higher than the usual charge on secured loans. This is because no collateral is present that can guarantee the repayment and thus secure the borrowed amount.
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