Gone are the days when it was difficult for borrowers like tenants and non home owners to generate finance to meet their urgent needs. As tenants have nothing to offer as security, lenders were hesitant to offer them loans. But there is a complete change in the scenario now due to the fierce competition in the UK loan market. Being a tenant is no more a justifiable reason to turn down the loan application. There is a special category of loan for tenants called unsecured loan available in the loan market now. The loan is specially meant for borrowers like tenants, but the homeowners who do not want to risk their home can also take the advantage.As the name suggest, unsecured loan plans do not require any security. This makes it extremely feasible for both the tenants and homeowners. No requirement of security also implies that the processing time of the loan is drastically reduced. As there is no need of evaluation of any property, these loans are processed fast. Instant availability makes these loans one of the most sought after loan in the market today. With the help of the loan, borrower can easily fructify his needs and desires cheaply. The borrower can use the loan to cover the expenses such as buying a car, going for a vacation, to consolidate previous outstanding and for wedding expenses etc.
Borrowers with bad credit history such as IVA, CCJ, late payments, defaults etc can avail unsecured loan at a slightly higher rate of interest. The loan availability depends a lot on the repayment capacity of the borrower.