100% Recommend

Dave Beard

Expertly compared by Dave Beard

Products Updated August 27, 2021

The actual rate you're offered will depend on your personal circumstances – including your credit rating.

16 providers expertly compared:

Natwest Bank

Loan Amount
£7,500 - £19,950

Annual Percentage Rate (APR)
3.9%

Loan Term
1 - 5 years

Loan Type
Unsecured Personal Loan

Status
Homeowners & Tenants

Rated 4.8/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

3.9%

Total repaid will be:

£50,805

With the Natwest if you're thinking about buying a new car, getting your your finances in order or making some new home improvements then a loan from the Natwest could be just what you need.

Representative Example

16 providers expertly compared:

Royal Bank of Scotland

Loan Amount
£1,000 - £50,000

Annual Percentage Rate (APR)
3.9%

Loan Term
1 - 5 years

Loan Type
Unsecured Personal Loan

Status
Homeowners & Tenants

Rated 4.5/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

3.9%

Total repaid will be:

£50,805

To apply, you must be 18+ and a UK resident with a Royal Bank of Scotland current account (held for 3+ months). Borrowing money is a big decision. But with a personal loan from the RBS, it doesn't have to be a headache.

Representative Example

16 providers expertly compared:

Paragon Bank

Loan Amount
£10,000 - £250,000

Annual Percentage Rate (APR)
3.7%

Loan Term
1 - 30 years

Loan Type
Secured & Unsecured Loans

Status
Homeowners & Tenants

Rated 4.7/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

3.7%

Total repaid will be:

£50,805

Paragons finance packages contain flexible terms to make sure you get a deal that's right for you. From personal loans to second charge mortgages Paragon has a range of funding solutions

16 providers expertly compared:

Hastings Direct

Loan Amount
£1,000 - £25,000

Annual Percentage Rate (APR)
3.8%

Loan Term
0 - 5 years

Loan Type
Unsecured Personal Loan

Status

Rated 4.5/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

3.8%

Total repaid will be:

£50,805

If you're looking to replace your car, planning on some new home improvements, or you simply wish to get your finances in order, a personal loan from Hastings Direct could be the funding solution you're looking for.

Representative Example

16 providers expertly compared:

Prestige Finance

Loan Amount
£10,000 - £250,000

Annual Percentage Rate (APR)
3.8%

Loan Term
1 - 30 years

Loan Type
Secured Loans

Status
Homeowners & Tenants

Rated 4.4/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

3.8%

Total repaid will be:

£50,805

Prestige Finance is part of OneSavings Bank who are a specialist lender, primarily focused on carefully selected sub-sectors of the mortgage and loan market through an integrated multi-brand approach.

16 providers expertly compared:

Post Office

Loan Amount
£1,000 - £25,000

Annual Percentage Rate (APR)
3.1%

Loan Term
1 - 5 years

Loan Type
Unsecured Personal Loan

Status
Homeowners & Tenants

Rated 4.5/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

3.1%

Total repaid will be:

£50,805

Loans from the Post Office are provided by Bank of Ireland UK. Post Office Limited is a credit broker and not a lender. Terms from 1 year to 7 years, depending on the amount borrowed and funds could be transferred the following day with an instant lending decision in most cases.

Representative Example

16 providers expertly compared:

AA Loans

Loan Amount
£1,000 - £25,000

Annual Percentage Rate (APR)
3.1%

Loan Term
1 - 5 years

Loan Type
Unsecured Personal Loan

Status
Homeowners & Tenants

Rated 4.4/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

3.1%

Total repaid will be:

£50,805

The AA don't just keep cars on the road, they can help keep your finances running smoothly too. Whether it's a new purchase, a holiday in the sun or getting some help to manage your existing debt the AA is here to help with a personal loan.

Representative Example

16 providers expertly compared:

Leap

Loan Amount
£100 - £15,000

Annual Percentage Rate (APR)
4%

Loan Term
1 - 6 years

Loan Type
Peer-to-Peer Loan

Status
Homeowners & Tenants

Rated 4.8/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

4%

Total repaid will be:

£50,805

Leap's aim is to help streamline your debts with a low-interest peer-to-peer loan, so you’ll have more money to do more of what you love doing.

16 providers expertly compared:

Lending Works

Loan Amount
£1,000 - £25,000

Annual Percentage Rate (APR)
7.9%

Loan Term
1 - 5 years

Loan Type
Peer-to-Peer Loans

Status
Homeowners & Tenants

Rated 4.5/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

7.9%

Total repaid will be:

£50,805

Lending Works is a peer to peer lender that connects people that want to invest their money with borrowers who want to get a better rate on their personal loan. Loans available from £1,000 to £25,000 over 1 -5 years.

16 providers expertly compared:

Zopa

Why?

This provider is our Expert’s Choice in its category as it won tops marks for the following.

  • TRUST
  • VALUE
  • EXPERTISE & KNOWLEDGE
  • CUSTOMER SERVICE

Learn more about how we review and assess the providers here on Lending Expert.

Loan Amount
£1,000 - £25,000

Annual Percentage Rate (APR)
9.9%

Loan Term
1 - 7 years

Loan Type
Peer to Peer Lender

Status
Homeowners & Tenants

Rated 5.0/ 5

Good Credit

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

9.9%

Total repaid will be:

£50,805

Zopa directly match people looking for a personal loan with people looking to invest. It's their way of making money simple and fair. Since 2005 Zopa have approved a staggering £2.92 billion in loans.

Representative Example

16 providers expertly compared:

My Community Finance

Loan Amount
£1,500 - £25,000

Annual Percentage Rate (APR)
23.9%

Loan Term
1 - 5 years

Loan Type
Unsecured Personal Loan

Status
Homeowners & Tenants

Rated 4.5/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

23.9%

Total repaid will be:

£50,805

My Community Finance have taken inspiration from the past to build a better financial future - where community matters. They’re a network of Credit Unions and ethical lenders. My Community Finance looks to give everyone access to fairly priced financial products.

Representative Example

16 providers expertly compared:

Lendable

Loan Amount
£1,000 - £25,000

Annual Percentage Rate (APR)
27.9%

Loan Term
1 - 5 years

Loan Type
Unsecured Personal Loan

Status
Homeowners & Tenants

Rated 4.3/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

27.9%

Total repaid will be:

£50,805

Lenable offer fast loans at fair rates. See your rate before you apply - it won’t affect your credit score. Lendable offer a paperless application with instant quotes. You can manage your loan online, top up, repay early without a settlement fee.

Representative Example

16 providers expertly compared:

Oplo

Loan Amount
£2,000 - £15,000

Annual Percentage Rate (APR)
18.2%

Loan Term
2 - 6 years

Loan Type
Poor Credit Lender

Status
Homeowners & Tenants

Rated 4.4/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

18.2%

Total repaid will be:

£50,805

Oplo Personal Loans offer unsecured personal loans from £2,000 to £15,000. Whether you’re looking to buy a new car, a new kitchen or thinking of any type of major purchase they can help secure the funding you need.

Representative Example

16 providers expertly compared:

Koyo

Why?

This provider is our Expert’s Choice in its category as it won tops marks for the following.

  • TRUST
  • VALUE
  • EXPERTISE & KNOWLEDGE
  • CUSTOMER SERVICE

Learn more about how we review and assess the providers here on Lending Expert.

Loan Amount
£1,000 - £7,500

Annual Percentage Rate (APR)
27%

Loan Term
1 - 5 years

Loan Type
Unsecured Personal Loan

Status
Homeowners & Tenants

Rated 4.4/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

27%

Total repaid will be:

£50,805

Koyo offers one-day loan approval and they normally give a decision after 1 full working day. Once approved, Koyo says the money could be in your account within 1 working day.

Representative Example

16 providers expertly compared:

Everyday Loans

Loan Amount
£1,000 - £15,000

Annual Percentage Rate (APR)
93.6%

Loan Term
2 - 5 years

Loan Type
Unsecured Personal Loan

Status
Homeowners & Tenants

Rated 4.3/ 5

Poor Credit

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

93.6%

Total repaid will be:

£50,805

With everyday loans, you're more than just your credit score. Here at everyday we look at your credit future, not just your credit history. As such even if you have bad credit now or you've had a poor credit score in the past, we may be able to help.

Representative Example

16 providers expertly compared:

Buddy Loans

Loan Amount
£999 - £10,000

Annual Percentage Rate (APR)
49.9%

Loan Term
1 - 5 years

Loan Type
Guarantor Loan

Status

Rated 4.2/ 5

All credit types

Your monthly payment will be:

£169.35

Interest on this loan will be:

£18,805

Annual Percentage Rate (APR):

49.9%

Total repaid will be:

£50,805

At Buddy Loans their goal is to pay out your money on the same day of the application and they will still consider your application if you can afford it, even if you have CCJs or DEFAULTS. Buddy Loans can be used for any purpose such as debt consolidation, car purchase or home improvements.

Representative Example

Read our customer and visitor reviews for this product:

Rating: 4.5 / 5 with 2 votes

Good comparison

by Mandy Thomson

Good comparison service and lenders to choose from. Easy application form.

Plently of loans to choose from

by SL

These facility by Feasible.co.uk provided many solutions and gave me choice of several lenders as part of the search. Vey fast and no issues using them. Quick to phone me back also.

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!

FAQ

You can borrow between £100 to £50,000 with a tenant loan, in the form of unsecured, personal or guarantor loan.

As with unsecured loans, the loan duration is typically 1 to 7 years, with the option to repay early at any time.

Yes, there are a number of lenders who will consider your application if you live in council tenancy, providing that you have a stable income and employment to afford repayments. You can always message the lender directly to check first, but this should not be a problem.

No you will not lose your home or rented accommodation, because this is an unsecured loan and the loan is not linked to your property. Whether you lose your home or rented property is separate between you and your landlord.

Not necessarily, a lot of tenant loans are personal loans so they are unsecured. You will only need a guarantor if you opt for a guarantor loan, which is better suited for people with bad credit histories.

As with other unsecured loans, failing to keep up with repayments will result in incurring late fees, paying added interest and a negative impact to your credit score. If you are struggling to meet payments, you should always let your lender know as soon as possible.

Yes, very much so, you can be eligible for a loan whether you are employed full-time, part-time or if you are self-employed or a sole trader, it does not make a difference. You just need to have a stable and regular income to afford repayments.

This may depend on the lender you apply with, since each lender's criteria is different. If you have regular benefits and can keep up with repayments, you may be considered, but you may need to check with the lender beforehand.

Yes, tenant loans can be used for business purposes or any purpose, including holidays, weddings, paying rent, bills and more!

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