You can apply for a Tenancy Saver Loan from a credit union if you’ve not been able to pay your rent due to coronavirus.
The Tenancy Saver Loan can help you if you’ve had problems paying your rent due to a change in circumstances because of coronavirus.
For example, you’ve been:
- on furlough
- on a zero hours contract but had less working hours
- made redundant and starting a new job
- on Statutory Sick Pay (SSP) because you’ve been self-isolating
- taking un-paid leave to care for someone
The loan can be repaid over 5 years at an interest rate of 1% APR. The amount you will get is based on the amount of rent arrears you owe and what you can afford to borrow.
If approved, the loan will be paid directly to your landlord or letting agent on your behalf.
To get a loan you must:
- rent your home in Wales
- rent your home from a private landlord or you are a social rental sector tenant who pays near to market rate levels of rent
- be in rent arrears (not paid your rent) since 1 March due to a change of circumstances during the coronavirus pandemic
- be in rent arrears (not paid your rent) and finding it difficult to pay your rent due to a change of circumstances during the coronavirus pandemic
- not have been in significant rent arrears (not paid your rent for more than 8 weeks in a row) before 1 March
- be renting from a landlord or letting agent who is registered and licensed with Rent Smart Wales
- be able to afford to pay back the loan (based on your income and affordability test)
- not be getting housing benefit or housing cost support through Universal Credit
- not have already applied and got another loan through the Tenancy Saver Loan scheme
How to apply
Check if you’re eligible and apply through a credit union through Credit Unions of Wales.