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If you’re in a tight spot and need rent money quick, there are a few options: Payday advances, short-term loans, and even personal loans. But there are other non-lending options that could help you out as well.
Consider alternatives first, such as negotiating with your landlord or applying for housing assistance.
Here are five possible rent solutions:
Searching online is a good place to start. You can search for rent relief programs by state, city or county. If you qualify, some programs may cover up to 18 months of rent. Consumer Finance also has a filtering system for rent relief programs, allowing you to sort rent assistance programs by state, city and tribal lands.
If non-borrowing methods aren’t in the cards, then getting a loan may be the next thing to consider. Here are five quick-money options to consider if you need cash tomorrow for rent. But tread carefully — some can be costly.
If non-borrowing methods aren’t in the cards, then getting a loan may be the next thing to consider. Here are five quick-money options to consider if you need cash tomorrow for rent. But tread carefully — some can be costly.
Some online lenders offers same-day or next-day funding, including SoFi and Upgrade, with SoFi advertising a turnaround time as soon as the same day. Other online lenders may offer short-term loans, such as OppLoans or ACE Cash Express.
Personal loans may be able to get you the most money compared to other options on this list, but you may need good to fair credit to qualify.
A solid option to avoid expensive payday loans, cash advance apps can be helpful in tight financial times. A few apps that offer quick funding include Brigit, Dave and B9. However, amounts may be only around $200, so it may not help if you need a full rent payment.
These loans are often considered a last resort and suited for emergencies. Most payday loans are under $1,000, and typically repaid by your next payday or within 31 days. Watch out for high rates, additional fees, and regulations since payday loans vary by state.
Although not ideal, a cash advance is typically less expensive than a payday loan. If you have a credit card with an open balance, you may be able to pay a portion of your rent with an advance. There are also some credit cards that offer 0% introductory rates, so if you pay off what you borrowed quickly enough, you may not owe any interest.
If you have valuables like jewelry, electronics, musical instruments or other things with inherent value, you can put it up as collateral to a pawnshop and borrow around 30% to 40% of the item’s value. Often, these pawn shop loans are small, typically under $200, but it depends on the value of your item. There is also interest and fees to consider. And if you don’t repay the loan on time, the pawnshop could list your item for sale.
Federal and private student loans can be used to pay for room and board, which includes rent payments for on- and off-campus housing.
Short-term loans can give you quick access to the money you need in an emergency situation, but it’s still sensible to compare your options before you apply.
Some features to keep an eye out for include:
While the information you need to provide will vary by lender, most will ask for the following:
Some payday apps require you to link your bank account to the app, submit pay stubs for proof of income, and possibly require your paychecks to be direct deposit.
You can use a loan to help cover rent if you’re facing eviction — but you might want to contact a lawyer to discuss your options first. They can help you determine whether your landlord violated any of your tenant rights during the eviction process. And they might be able to help you find an alternative way to cover your rent so you don’t need to borrow.
A lawyer doesn’t always have to cost you anything either. Reach out to local legal aid organizations and ask if they have free representation services.
Explore your options by loan amount, turnaround time and requirements. Select the Learn more to go to a lender’s site, or select the More info button to read a review.
Make sure you won’t have problems repaying the loan before you apply, and if you think you may face trouble, seriously reconsider taking the loan in the first place. Making late repayments can mean additional fees and it can also adversely affect your credit rating.
Take some time to go through the loan’s terms and conditions carefully to get a clear indication of what you may have to pay in fees and charges.
Although emergencies can feel inevitable, here are a few measures you can take to avoid needing a short-term loan for rent in the future:
If you’re facing an emergency and don’t have enough money for rent, you might want to first look into housing assistance offered by government agencies and local charities. Still short on funds? Look into these payday loan alternatives before turning to your short-term loan options.
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