Rent No Deposit

Trying to rent with no deposit is a common occurence these days. With Money scarce right now trying to find the money for the rent can be hard, having to find it for a large deposit, which you won't get back until the end of the tenacy can be even more difficult and it is literally dead money you could be spending on clothes or furniture.

Loans for deposits are becoming more and more popular as a way to secure a new tenancy.

With Low interest rates meaning you dont have to pay back more than you have to it's a good time to take out a loan just to cover the deposit and pay it back in small amounts month by month. £50 a month is better on the pocket than £1000 upfront!

It is advisable that you look at several loan options to see which matches your requirements best as many are available for people on housing benefit or DSS as repayments are often based on how much you can afford not whether you are working or not.

There are also Bonds available from local authorities and we cover that in another article.

You can also get a type of Bond from specialist companies which are a bit like an insurance policy, the only problem with these tend to be if you have to make a claim against your bond then the company comes after you for that money months later, sometimes via a court order!

The best option for many people is to take out a short term deposit loan and pay it back in smaller installments.

In this way you get to rent out that lovely new home, don't spend a lot of money on a huge deposit and pay back a small amount each month without worrying what might happen if you have an accident and your depost isnt covered!

We recommend you check out a few loan companies and see what is on offer. Good luck