Find The Best Tenant Loans With Lending Expert Today!
With around 4.5 million people in the UK classed as tenants or living in rented accommodation, today there are a number of loan options available that are specifically for tenants.
One of the biggest challenges for tenants is that they may be declined by mainstream lenders because they do not own a home or they do not have a credit history. But Lending Expert is delighted to present you with a number of loan options available for tenants, whether you are looking to borrow £500, £5,000 or even £50,000.
With options ranging from unsecured, personal and guarantor loans, you can compare rates and terms using our table provided and simply click on ‘Check My Eligibility’ to get started.
As unsecured loans, you can usually receive a decision immediately or within a few hours and subject to further checks, you can be approved and receive funding within 24 hours.
We can help with:
- Loans for tenants
- Loans for people in rented accommodation
- Loans for non homeowners
- Loans for joint tenants
- Loans for people living with family and friends
- Loans to help pay your rent
What is a Tenant Loan or Non Homeowner Loan?
A tenant loan is specifically for someone who is living in rented accommodation and pays rent every month to live in the residence. This broadly covers people who rent privately, social housing, council house or even staying with family and friends.
Tenant loans are classed as being ‘unsecured loans’ due to not having any property to use as security. Therefore, your eligibility is likely to be based on other factors such as your income, employment and credit history.
Since you will not have any security being valued or checked, tenant loans should be processed very quickly, hence you should be able to get fast decisions and funds on the same day if approved.
What Are The Benefits of Loans for Tenants or Non Homeowners?
One of the main advantages of tenant loans is that they are willing to consider your application despite not being a homeowner. But just because you do not own a home does not mean that you aren’t a great person to lend to. If you have a stable income and can afford repayments, why shouldn’t you be eligible for a loan?
Since the loans are unsecured, you can get a decision very quickly and if approved, funding can be on the same day or within just a few hours. So if you need funds quickly, this is certainly a useful product.
In addition, by not having any security, you do not risk losing your home, vehicle or other valuable collateral if you are unable to keep up with repayments. Failing to repay will incur added fees and negatively impact your credit score, so you should be aware of this before applying.
The rates are also very competitive, starting from around 3% APR which makes them very low-cost and affordable. The best rates will be available for those with good credit histories and a stable income.
What Can Tenant Loans Be Used For?
Tenant loans can be used for any purpose, whether it is paying your rent or buying items for the home. You can also use a loan to cover any emergency expenses, cover your bills, buy a new car, go on holiday or anything in between!
There is no specific purpose with a tenant loan whether it is for your home or personal reasons and since the rates are relatively low, you can use them for everyday purposes. In comparison, there are some other products such as payday loans or bridging loans which are typically more expensive and therefore short term in nature.
What Are The Types of Tenant Loans
Personal Loans – This is an unsecured loan used for personal purchases and expenses. Rates start from 3% and you can repay over 1 to 7 years in monthly instalments.
Unsecured Loans – This means that you do not require any collateral or assets to be eligible, the loan is not secured or ‘unsecured.’ The rates are very reasonable, starting from 3% and your eligibility is based on factors such as income, credit scoring and affordability.
Guarantor Loans – A guarantor loan allows you to borrow money with the help of a guarantor or a person you know to cover repayments if you cannot. Your guarantor should be a homeowner, but there are also tenant guarantor loans available too if you have someone who is a non-homeowner. The rates are a little higher, at around 49.7% APR, but they are better suited for people with bad credit histories or no credit at all.
Credit Cards – A credit card is very similar to a loan since it allows you to spend each month based on your monthly credit limit. This can be useful too for people who are tenants or are looking to build up their credit, known as a credit builder card.
What is the Eligibility Criteria for a Tenant Loan or Non Homeowner Loan?
- Must be over 18 years of age
- Full-time UK resident
- Employed and earning a stable income
- Can afford to make monthly repayments
- Valid UK bank account, email address and phone number
- All credit histories considered
What Happens if I Have No Credit?
One challenge for some tenants is that they have no credit rating, due to not having other loans or credit cards in the past. If you are looking to build up your credit score, you can look at using a credit builder card which is a credit card with a small credit limit and getting into the habit of paying on-time each month will start to build up your score.
There are also other products available on the market, including Experian and Canopy which reward your credit score for making payments on-time as a tenant. So if you have been paying rent to your landlord for some time, this could be used to boost your credit rating.
Can I Get a Tenant Loan with Bad Credit?
Yes, there are tenant loans available for people with bad credit histories. Our lenders are used to working with all kinds of credit scores and accommodating for them in every way possible. In some ways, you may find that the amount you are looking to borrow is adjusted or the rate you are quoted is slightly higher.
You may find that a guarantor loan is a better option for you, which allows you to leverage the good credit rating of someone you know to act as your ‘guarantor.’ This allows you to borrow up to £20,000 and the guarantor will step in and cover your repayments if you are struggling to keep up – which is a popular option for people with poor credit histories.
How is Lending Expert Different?
At Lending Expert, our goal is to truly help people from all walks of life to get the loans they need and to experience true financial freedom.
We have partnered with such a wide range of UK lenders who are all fully regulated and responsible – and can offer you the loans you need.
We always aim to be clear, fair and transparent and you can simply use our table provided to compare tenant loans and find the best rates for you.
How to Apply for Tenant Loan With Lending Expert?
Simply use our comparison table provided and click on ‘Check My Eligibility’ to start your application for tenant loan today!
You will need to enter a few basic details online including how much you would like to borrow, how long for and some other personal information such as your name, age, address, income and expenses. You should be able to receive a quick decision and subject to further checks, you can be approved and receive funding in 24 hours or less!
