Whether you are a private, social housing, or council tenant there is a lender and a rate to suit your purposes. According to government statistics, around 30% of households are tenanted, which means that you are part of a massive market of potential loan applicants that many lenders are pleased to help.

If you have problems with a bad credit history it isn’t the end of the world in terms of obtaining a tenant loan. There are lenders that will entertain an application from you, however, you may make your situation worse if you apply ‘blind’ to companies you find in an internet directory. This is because each application you make results in a credit search that is recorded against you and if you are not successful first time, the second (and any subsequent) company is aware that you have already applied and been declined, which will count against you. You may achieve a more successful result by requesting an effective online broker to use their expertise to find the best match, from a reputable lender, first time.

Remember, responsible borrowing is a good way to have today what you don’t have the ready cash to buy in one go. Whether it’s a car, holiday, home improvements there will be a loan to suit your circumstances. Consolidation of a range of existing loans for tenants, and other debts like store cards, that may be charged at a high interest rate, is another good use of the proceeds provided you’re not overstretched.

However, if your existing debts are getting out of control and reaching a critical, unaffordable level you may want to consider a debt management alternative.