Tenant Loan
A tenant loan is simply a loan granted to people who rent their home rather than own it or pay a mortgage.
As a form of unsecured loan, tenant loans can be more difficult to be approved for than other loans as there is no security, i.e. no guarantee that the lender will get their money back if for some reason the borrower stops making repayments.
This means that in many cases tenants will need a good credit rating to be approved, although some companies do offer loans to tenants with bad credit.
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