Rent deposit loan
Last reviewed on 03 July 2018
If you're a Co-op colleague, you can apply for an interest-free rent deposit loan to help with the cost of renting a home.
You'll probably have to pay a 'tenancy deposit' to your landlord or letting agent before you can rent your home. The rent deposit loan helps cover this cost.
You can apply once you have your tenancy agreement, and want to agree to it, so you can see your terms and the deposit needed from your Landlord/Letting Agent.
The loan must be for a tenancy deposit and can't go towards anything else.
Check if you're eligible for a rental deposit loan
You can apply for a rental deposit loan if you’ve been a Co-op colleague for at least 13 weeks.
You can borrow up to 80% of what you earn in a 4-week period. This is based on your contracted hours and doesn’t include any overtime.
You’ll pay the loan back directly from your salary in the next 10 paydays after you receive the loan.
If you leave Co-op (including through TUPE transfer) before you pay off the loan, you will have to repay the outstanding balance in full.
Apply for a rent deposit loan
Sign into MyHR and:
1. Select ‘Benefits’.
2. Select 'Change benefits elections'.
3. Select 'Continue' on the 'People I plan to cover’ page.
4. Accept the terms.
5. Select ‘Rental deposit loan’.
6. Enter the amount you want to borrow and select ‘Next’.
7. Check the details are correct and select ‘Submit’.
Once your loan is approved, the money is paid directly into your bank account within 5 working days.
You must send valid proof that your landlord has paid the deposit into a government-backed tenancy deposit scheme. This should be a photo or scanned copy of a tenancy deposit certificate or receipt.
Send this to firstname.lastname@example.org within 30 days of applying. If you don’t send this proof to us, your loan will be reversed.
If you need more information
Email the HR Benefits team at email@example.com.