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Unsecured Loans - Should I Apply To A Lender Or A Broker
By Carol Jameson
Unsecured loans for tenants and tenant loans are comparatively common in today’s busy credit marketplace and to accommodate the demand, there are many more opportunities to place your loan application than in the past. From the high street banks to specialist lenders, everyone wants your business it seems. Yet, whilst everyone shouts very loud and clear from the rooftops, the message that they are the ones to apply to because they can help, the reality can often be very different.

There are effectively two categories of organisations that operate within the market and who seek to attract your interest when applying for unsecured loans for tenants and tenant loans. The first and arguably the most well known are the lenders themselves. These guys are the ones that actually lend you the money. It’s theirs to lend and they will decide on who they lend it to. This category covers the major high street banks right through to specialists in the field but it’s worth noting that their offerings are not always the same.

There are 60 million people in the UK and we are all unique. With regards to our financial circumstances, they may not all be unique exactly but one person’s financial history can be wildly different form that of another person. Take Mr & Mrs Jones, a married couple who have regularly borrowed comparatively small amounts of money and who have never missed a repayment in their life. They don’t have any arrears and nor do they have any CCJ’s for non-payment. It could be argued that the risk to the lender in agreeing to their request for finance is relatively low.

Take Mr Smith then. He has also borrowed regularly but has very often missed repayments and has also been in and out of employment over the past few years. He’s also moved home every six months, so keeping track of his whereabouts is almost a job in itself. The risk involved in lending him a large sum of money is therefore considerably different from

that of our first example. In this way, lenders often decide what type of financial profile of a customer that they wish to attract.

Risk-laden customers often carry a higher interest rate to compensate and the interest that is charged represents the profit element for the lender but it must also bear the costs of administering the loan and any losses incurred when a borrower defaults. Certain lenders then, might be able to help you and others not, regardless of whether you are more or less likely to run into arrears. This means that you could potentially waste time and effort applying for unsecured loans for tenants and tenant loans to lenders that may not be able to help. Enter the finance broker. Their key advantage to the borrower is that they could potentially cover a significant slice of the lending spectrum with one enquiry since it is the broker’s job to analyse the customer’s circumstances and present lender’s and lending products that would be suitable for what they are looking to achieve and that are commensurate with their circumstances. It cut down on a lot of wasted time and find lending products that are just right for you that you may never have found on your own.

There are plenty of consumer finance brokers available online and all you need to do is to fill in some brief contact details and a little about the loan you need and they will be soon in touch with you to help you with your application. So happy hunting!

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Carol Jameson is FinanceGuru for FeelGoodLoans.co.uk, specialists in www.feelgoodloans.co.uk/tenant_loans.php”>unsecured loans for tenants, loans and mortgages for UK homeowners and business owners.

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