For the previous decade until 2007 the start of the recession, there was a great availability of all sorts of loans, and loan lenders were vying for your trade.
Even tenants could obtain loans from companies such as Provident who are still in business and advancing loans to homeowners and tenants alike. A tenant is of course a non homeowner.
There has always been companies such as Provident who grant loans to both tenants and homeowners but these loans are for small amounts and their interest rates are high.
One loan lender who proved to be very handy for tenants was Welcome Finance who were willing to grant unsecured loans to tenants even if they had some bad credit registered against their name.They also were involved in the secured loan industry, and would even register their charge on the Land Registry on homes that had little or no equity. They would even rank as a third charge behind another secured loan lender. Welcome was very handy especially for tenants who now have no where else to go to a great extent.
For tenants requiring a loan the situation is bleak, and they are being pushed to obtain loans from a pay day loan firm, which is a sign of the times and these firms are charging 1800% interest or there a bouts which is extortionate. This figure is no exaggeration.
The poorest and weakest in society when they require a loan have always been forced to use the services of illegal money lenders who abound in the large inner city housing areas. Now people who in the past could obtain loans else where are being forced to go down the route of the illegal money lenders, as their last hope.
Homeowners are in a much more fortunate position as if they have equity on their property secured homeowner loans are available with interest rates starting at about 9%.
Even homeowners with bad or even atrocious credit ratings can obtain a bad credit secured loans at tighter LTV and higher rates of interest, although these bad credit loans are still a good loan product.