Tenant (non homeowner) loans.

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Loans from £300 to £15,000. Compare lenders that have accepted your application. 



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Representative 770% APR. Representative Example: If you borrow £550 over 18 months at a Representative rate of 770% APR and an annual interest rate of 180% (fixed), you would pay 18 monthly instalments of £113.06. The total charge for credit will be £1,485.08 and the total amount payable will be £2,035.08.

Loans for Tenants (Non-Homeowners)

What are tenant loans?

Tenant or non-homeowner loans are personal loans that are suitable for tenants and non-homeowners.

Even though you don’t own a home when applying for a loan you will still be subject to a credit check and will have to show you can afford to repay what you borrow.

Get to know your credit score before you apply.

Loans for Tenants with Bad Credit

If you’re renting and have bad credit you may think you have a zero chance of being accepted for a loan. Don’t panic you have options. A good place to start is with the Choose Wisely eligibility checker.

But of course, with bad credit comes higher APR rates, meaning your loan will be expensive compared to the rates offered by the high street banks and supermarkets. If you can delay getting your loan until your credit score has improved, you could save yourself some cash.

If you are facing financial difficulty, get free, confidential and impartial money advice at the Money Helper.

Can I get a guarantor loan when I’m a tenant?

Most guarantor loans don’t have a requirement for the applicant to own their home.

If you would like to act as a guarantor and you are a tenant, things can get a little more complicated. There are non-homeowner guarantor loans available on the market but it will mean an increased APR for the person who’s loan you are guaranteeing which means you’ll need to pay more if they can’t make their repayments.

Can I get a loan if I’m a council tenant?

Although private lettings is the most popular form of renting these days, housing associations and council lettings have grown in numbers.

There are lenders that’ll consider applications from council tenants, check to see if your lender accepts your living situation before you apply. Don’t tarnish your credit score with a loan application you never had a chance of getting in the first place.

You will often find who lenders are most likely to accept by contacting them directly. Find their contact details on their product pages on Choose Wisely.

What happens if I miss an unsecured tenant loan repayment?

Missing loan repayments can cause serious harm to your financial wellbeing, with some debts being more vital than others. Find out more about prioritising your debts with our guide.

If you miss a loan repayment:

  • You will most likely have to pay a fee
  • The interest you pay will increase
  • It can cause harm to your credit file

Missing repayments can often be the first step towards losing control of your finances so this really should be avoided as best you can. If you’re concerned you’re about to miss a repayment, get in touch with your lender to see what they can do.

If you’re in financial difficulty, visit the Money Helper for free, confidential help and advice.

Final Word

If you’re looking for a loan and don’t own a home you have loan options, even if your credit history isn’t great. As always, be sure to compare your options and Choose Wisely. If you have any doubt that you don’t match the lenders criteria or whether you can afford the repayments then do not apply.

Looking to take control of your spending before you borrow? Complete our budget planner and find out where you could save yourself some cash.

Warning: Late repayment can cause you serious money problems. For help, go to moneyhelper.org.uk