Tenants Loans and Non Homeowner Loans

Tenant loans from The One Stop Money Shop allow you to borrow money even if you are a tenant or living in rented accommodation. 

 

Whilst mainstream lenders and banks might restrict lending to tenants with limited credit scores and because they do not have a permanent residence, we understand they can still be excellent people to lend to.

 

Through our personal and unsecured loans, we offer £400-£2500 repaid over 6-24 months, with same day funding if approved before 3:30pm.

 

Simply click on the ‘apply now’ button below to check your eligibility today.

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12 Month Loan Repayment Example

 

Representative Example: £500 loan repayable over 12 months £81.25 per month total amount payable £975.00. Representative 295.60% APR fixed

Apply With The One Stop Money Shop For Loans For Tenants

-Loans for tenants

-Loans for people in rented accommodation

-Loans for people in council housing 

-Loans for joint tenants

-Loans for people living at home

 

 

What is a Tenant Loan or Non Homeowner Loan?

A tenant loan is a type of personal loan offering amounts of up to £2,500, but the borrower is eligible whilst living at home with parents or friends or in rented accommodation. In other words, they are a “non-homeowner.” 

 

For many mainstream lenders and banks, they tend to be more strict with borrowers who are living in rented accommodation because they may not have a permanent residence or have built up a significant credit history. But for the 4.5 million tenants in the UK, many of them will still have a very stable income, employment, good credit and can be a good person to lend to.

 

 

A tenant loan is a type of unsecured loans because the loan will not be attached to any physical assets such as a property or a flat. The borrower’s eligibility will be based on their income, employment, affordability, current debt situation and credit score. These things can be checked very quickly, usually through automation, hence decision-making for lenders is often immediate and approvals and funding can be processed usually within hours.

What Are The Benefits of Tenant Loans?

Available to all – Even if you are living in rented accommodation short-term or long-term, you can still get access to credit, whether it is £500, £1,000 or £2,000, which can be used for daily expenses, important purchases or to cover an emergency. You will not be restricted just because you are not a homeowner.

Can help you progress – Maybe you need a loan to help you progress to that next step of buying a house – to help cover legal fees and moving costs. This is where a tenant loan could help see you through.


No risk of losing security – Your loan eligibility is based upon factors such as your current job status, income and affordability, you will not be putting down anything as security and therefore do not risk losing your home or vehicle if you cannot afford to repay your loan.

What Can a Tenant Loan Be Used For?

-To pay for rent

-To pay for bills (see loans to pay household bills)

-To help get you on the property ladder

-To pay for important expenses or purchases

-To help support a loved one

Do You Offer Loans To Help Pay Your Rent?

Yes, The One Stop Money Shop can offer a short term loan facility to help you pay your monthly rent – whether partially or fully.

 

We offer loans ranging from £400 to £2,500 based on your income levels and affordability.

 

Our loans will incur interest during the 6-24 month duration and we do not recommend using our loans to pay your rent long-term. 

 

Our loans are designed to help with short-term emergencies and to cover shortfalls in cash until you are able to secure a longer funding source and can get back on your feet. 

Why Use The One Stop Money Shop For Loans For Non Homeowners?

Receive funds upfront in one lump sum – We can provide your loan upfront and send it to your bank account in one lump sum. This can be used to pay for any pressing bills immediately or any important purchases.

 

Transparent – We are a direct lender and you will be working with us directly from start to finish. There are no other parties or middlemen involved during loan application, funding or collection process.

 

Trusted – We are fully authorised by the FCA (registration number 713424) and thrive to maintain the highest standards for our customers. We have been trading since 2002 and have consistently upheld the best practices for treating customers fairly.

 

Flexible repayment terms – You have several months to repay your loan, with the choice of 6,12, 18 or 24 months depending on how much breathing space you would like. You can always contact us and change the terms of your loan if you would like to make it shorter, make overpayments or repay the entire loan early. Just note that this may change the amount of interest owed.

Can I Get a Loan as a Tenant With Bad Credit?

 

Yes, it is possible to get a loan with bad credit as a tenant and we will always take a view on people with different credit scores. You will need to demonstrate a stable employment, income and an improving credit score. If your financial position is getting better and not worse, and you are committed to repaying your loan on time, we will always consider your application.

What Is The Criteria For Loan With The One Stop Money Shop?

To apply for a CCJ loan, you need to meet the following criteria:

  • Age: You must be over 25 years old.

  • Residency: You should be a full-time resident of the UK

  • Employment: You need to be employed either full-time or part-time

  • Affordability: You must be able to afford the monthly repayments and make repayment on the scheduled date

  • Banking: You must have a valid UK debit account for funds disbursement and repayment collection

  • Contact Information: A working mobile phone number and email address are required for loan verification and communication purposes.

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Complete a quick Online Application in just 5 minutes for instant provisional approval.

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    Bad Credit & CCJ loans considered

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    Flexible repayment terms

How To Apply For a 12 Month Instalment Loan

 

  • Complete The Application Online

    Our entire process is online and can be completed by desktop, laptop, mobile or tablet 24 hours a day, 7 days a week.

  • Important Information

    We require you to complete some basic details including your name, address, DOB, contact details, income, expenses, the amount you would like to borrow and how long for.

  • Underwriting and Approval

    We review your application and make sure that it is the right fit for you, including the loan amount and rates offered. Whilst a lot of our processes are fast-tracked, we may request a phone call or proof of income and employment to process your loan application further.

  • Loan Agreement and Transferring of Funds

    If your application is approved, we will send you a clear and transparent loan offer with all the necessary terms and conditions. All the information you will receive is electronically sent by email and SMS and can be signed online. Take your time to read it carefully before you sign it. Once you sign the agreement, the money will be sent directly to your bank account, usually within the same day or next business day.

Ready to Apply?

It takes less than 5 minutes, and you’ll get a fast loan decision. If approved, we can usually pay the money into your account the same day*. We’re a direct lender not a broker, so our loans don’t require any security to approve.

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Frequently Asked Questions

How Fast Can You Transfer Funds?

We can offer same day loans or funding within 24 hours for any loans approved before 3:30pm on a work day.

If you have applied on a weekend, we will do our best to complete your loan as soon as possible and this could be on the next working day.

Are Your Tenants Loans Unsecured?

Yes, our loans are unsecured so you do not require any guarantors or security such as vehicles or your home to be eligible. Your eligibility is not based on the value of your assets but rather your income, credit status and affordability.

Do You Run Credit Checks Prior To Approval?

Yes, we will typically run a series of credit checks using Equifax prior to funding and approving a loan.

We are willing to consider customers with bad credit scores but they should have steady employment and regular income in order to make repayments on time and avoid falling into financial difficulty.

Do You Offer Tenant Loans With No Credit Checks?

No, we do not offer loans without credit checks, we will always run credit checks to ensure that a candidate is suitable for one of our loans.

There are alternatives available where no credit checks are required such as secured loans or logbook loans, which use security but these carry risks if not repaid on time. If you need professional advice or debt help, you can speak to charities such as StepChange or Citizen’s Advice Bureau.

Can You Use a Tenant Loans To Pay Off Other Debts?

Yes, you can use our 12 month loans to consolidate or pay off other debts, such as car repairs or household bills.

We do not encourage using our loans to help pay off other loans since this can create a dependency on using loans and credit to stay on top of debts.

With My Credit Score Impact The Rate That I Am Charged?

Yes, typically those customers with good credit may be able to access lower interest rates and be able to borrow higher amounts.

If you have a bad credit score, the interest you are charged may be a little higher than average to manage our risk.

What Happens If I Cannot Repay My Loan?

If you cannot repay your loan, you will be sent an email and SMS follow up and reminder for payment. Our team will contact you a legal amount of times to recover payment and if delayed, your loan could be subject to late fees, penalties, added interest and a negative impact to your credit score.

If you are having financial difficulty, we encourage you to speak to our team as early as possible so that we can offer assistance.