Non Homeowner Guarantor Loans
Loans for tenants & those who don’t own their own home 👍
All loans* are available to borrowers and guarantors who're not homeowners.
* Except from UK Credit
|LENDER||NON HOMEOWNERS + TENANTS ACEPTED?||LOWER HOMEOWNER RATES?|
|Guarantor:||Yes ?||No ?|
|Guarantor My Loan||Borrower:||Yes||No||Apply|
|Guarantor:||No ?||No ?|
Only homeowners accepted
|1 + 1||Borrower:||Yes||No||Apply|
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Frequently Asked Questions
I don’t own my own home, can you help?
From our panel of over 35-lenders we’ve loans that are:
- Available to tenants
- For people who don’t own their own home (living with parents etc.)
- ‘Unsecured’, so not secured against a property or vehicle.
- For those with a less than perfect credit score.
- For those who do, and do not have a guarantor.
How does a guarantor loan work?
They are typically the best value loans for tenants with a poor credit rating 👍
- Lenders don’t look so much at the status of the applicant but the person backing their application (see criteria for more details)
- It’s typically not a problem if the applicant doesn’t own their own home and has poor credit, so long as the loan is affordable for them.
- These are the people this type of loan was designed for.
- The applicant needs to find a loan backer, someone with a good credit history to support their application, usually a family member or friend.
- The main criteria for the loan backer is to have a clean credit file and a regular income; they don’t have to be a homeowner – see more info here.
My guarantor doesn’t own a home, a problem?
They could be suitable 👍
- If they have a clean credit file
- Have a suitable regular income so the repayments are affordable to them if you ever defaulted.
- Meet the guarantor criteria
Can I use the money for home improvements?
You can use the funds for whatever purpose you wish
(so long as it’s moral & legal)
- If you’re a tenant, remember to get your landlords permission before making any alterations, if you don’t:
- Changes may be against the terms of your tenancy agreement, plus
- You may be required to return the property to its original condition at the end of the tenancy!
- Many people also use the funds for
Why’re loans more expensive for non-homeowners?
UK data says that defaults are higher for tenants compared to homeowners 🤔
- Not a reflection on you or your backer, but unfortunately lender underwriting criteria.
- However good rates still available from 47.8% APR.
Do you do 'no guarantor' loans?
Will I get credit checked?
Your credit score will not be impacted by only getting quotes 😀
- We do a soft search on your credit file which crucially does not leave a mark for other companies to see, which does not impact your credit score or impact any future credit applications.
- If you decide to take out a loan, then both you and your guarantor will be subject to a hard credit check, but only after you have made a formal loan application with the lender. Too many hard credit checks over a short period of time can affect your credit score for six months, reducing your ability to get approved for credit in the future.
Can getting a loan improve my credit score?
- By successfully making all your loan repayments without default, and
- Repaying the credit in full
See our Credit Repair Guide
What’s the cost to use this website?
We’re a free service, zero charge 👍
- We get paid by the lenders if you take out a loan.
- Loans via us will cost you the same as if you went to the lenders directly.
- For more information see how we get paid.
Is this like a home credit loan?
Home credit loans (also known as doorstep loans)
- Are small Loans from £100 to £1,000
- Where an agent for the loan company visits your home on a weekly basis to collect the loan repayments in cash.
- Have typical Representative rates around 535% - 757%
- Compared to our Representative APR of 49.5%.
Why not go directly to the lenders?
We save you the time and effort of applying to multiple lenders ⏱️
- When you Get Quotes, we automatically check with up to 27 lenders and return your quotes in seconds
- With no impact on your credit score
- For free
- All quotes are the same as if you went the lender direct
- We get paid directly by the lenders
Even more questions?
- See our very detailed FAQ section