Renting a new place can be exciting—but also financially overwhelming, especially when faced with upfront costs like security deposits. In cities like London, New York, or Los Angeles, deposits can easily range from one to three months’ rent, making it tough for many renters to secure a new home.
If you don’t have thousands of dollars or pounds sitting in your bank account, rent deposit loans can be a practical solution. These financial products allow you to borrow the amount needed for a security deposit and repay it over time. In this guide, we’ll walk you through where to apply for these loans online in both the US and UK, what to look for, and how to stay safe while borrowing.
What Is a Rent Deposit Loan?
A rent deposit loan is a type of personal loan or financial assistance designed to help renters cover the upfront cost of moving into a new property. Unlike traditional loans, these often come with flexible repayment terms and are tailored specifically for housing-related needs.
They’re especially useful for:
Young professionals moving to new cities
Students renting for the first time
Families between rental properties
Low-income individuals seeking financial stability
Depending on the provider, these loans may be offered by private companies, local government agencies, or housing nonprofits.
Where to Apply for Rent Deposit Loans in the US
1. Rhino (Insurance Alternative)
Rather than a traditional loan, Rhino offers renters a way to pay a small monthly fee instead of a large upfront security deposit. It’s accepted by thousands of landlords in the US.
It’s not technically a loan—you don’t get the deposit back—but it’s great for tenants who prefer to save on move-in costs.
Explore your eligibility through Rhino’s official page.
2. Jetty
Jetty provides deposit replacement products and renters insurance that work similarly to Rhino. You can choose a monthly payment plan, making it easier to afford a new lease.
It’s widely accepted by large property management companies and is easy to apply for online.
Learn more at Jetty’s deposit solutions.
3. Local Housing Authorities
Some city governments or housing nonprofits in the US offer interest-free loans or grants to help cover rent deposits. For example:
NYC Human Resources Administration offers emergency rent assistance
San Francisco Department of Homelessness and Supportive Housing provides deposit aid for eligible residents
Where to Apply for Rent Deposit Loans in the UK
1. StepChange Rent Deposit Scheme
StepChange is a well-known UK debt charity that provides interest-free loans for rent deposits to eligible individuals, especially those who are at risk of homelessness or moving into social housing.
While availability depends on funding and location, it’s one of the most trusted resources for renters.
Apply or learn more via StepChange Rent Help.
2. Local Councils and Housing Associations
Many local councils across the UK offer Discretionary Housing Payments (DHPs) or Rent Deposit Schemes. These programs are typically available to individuals on Universal Credit or Housing Benefit.
Use the GOV.UK housing support tool to find your local authority and inquire about available programs.
3. Charitable Trusts and Nonprofits
Organizations like Shelter, Crisis, and The Salvation Army sometimes offer one-time grants or rent deposit bonds for vulnerable tenants. While these aren’t loans, they can serve the same purpose without the need for repayment.
Reach out to Shelter’s advice pages to learn more.
What to Check Before Applying
Before you submit an application for a rent deposit loan or service, here’s what to look out for:
Repayment terms: Understand how long you’ll have to repay and what the monthly cost is
Credit check: Some services are credit-sensitive, others are not
Upfront fees: Make sure there are no hidden charges
Landlord approval: Check if the service is accepted by your prospective landlord
Alternatives: See if you qualify for grants or assistance before borrowing
Also, beware of scams. Only use reputable platforms and never send money to unknown individuals.
Smart Ways to Move Without Breaking the Bank
Finding your next home is exciting—but the financial side doesn’t have to be stressful. With the right platform and preparation, rent deposit loans can be a valuable tool to help you secure housing without draining your savings.
Compare your options, read the terms, and take advantage of public resources where possible. Whether you’re moving across the country or just across town, there are solutions out there to make renting more affordable.