Without a CofT you cannot rent your aircraft out (legaly). Renting it out without a CofT will most likely render the insurance invalid.
Renting it out to a non Multi qualified pilot is not the brightest of ideas and will most likely render the insurance invalid, unless the renter is having Multi lessons from an ME FI, in which case you would need a CofT.
However in mate rate land it's your choice. Just don't tell anyone or post on public forums
