Non-home owner loan is also called tenant loans. We know how the lending agencies have always preferred homeowners. It is because in the event of default they knew they could always fall back on collateral. Today, it is no more so. Even the non home-owners are getting loans as frequently and that too without putting in any collateral. These loans are called unsecured tenant loans. There are quite a few advantages with the tenant loan.

First, these loans are acquired faster as there is no evaluation of asset or collateral required. Second, the debtor doesn’t have to worry about any kind of repossession. This frees his mind. He knows that at the end of the day, he would have to look for means to pay off the loans but there is not the added worry of repossession on his mind.

Yes, the disadvantage is higher interest rates as the secured loans are always offered at a lower interest rate than the unsecured ones.

We know how the lenders have always shown bias towards the homeowners. It was because they knew that in the event of a default, a homeowner could always put his home as collateral. It’s not the case anymore. Even the tenants, who were always at the receiving end, have been added into the picture. Today, many agencies have made it easier for the tenants to avail the loan as well. Such loan offered to tenants without any collateral is called unsecured tenant loan.

Though the tenant loans also need to be paid within a stipulated period, the idea is to make the mind easier for the tenants by taking away the repossession hassles. Without offering collateral, a tenant obviously gets freed from such hassles. Also, the tenant loans are approved in shorter duration of time. This is so as there is no requirement for evaluating collateral. Tenant loan quotes are available over many websites today.