If you’re in a tight spot and need rent money quickly, there are a few options: cash 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 for rental assistance is a good place to start. You can also follow these links to explore federal, state and local programs to see if you’re eligible for assistance.
If non-borrowing methods aren’t in the cards, then getting an emergency loan may be the next thing to explore. Here are seven options to consider if you need to borrow money for rent tomorrow. But tread carefully — some can be costly.
Some online lenders offer same-day or next-day personal loans, 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.
You may be able to get the most money from personal loans compared to other options — and decent rates — but you’ll likely need good to fair credit to qualify. If your credit is poor, you may have more luck with short-term lenders, but you’ll want a plan to repay the loan quickly because rates can reach triple digits.
A solid option to avoid expensive payday loans, cash advance apps can be helpful in tight financial times. You won’t have to submit to a credit check or interest, but some apps charge a monthly subscription fee. A few apps that offer quick funding include Brigit, Dave and EarnIn. However, advance amounts are typically low for new users, so it may not be enough if you need a full rent payment.
These loans are often considered a last resort and only suited for emergencies. Most payday loans are under $1,000 and are typically repaid by your next payday or within 30 days. Watch out for high rates, additional fees and state regulations since payday loans vary by state.
Some federal credit unions offer PALs to members, with much better rates than payday loans and longer loan terms. Some PALs require that you’re a member for at least 30 days — which won’t help if you need rent money now — but PALs II loans may provide a faster funding option.
If you explain your situation to your boss, you may be able to get an advance on your paycheck to cover your rent bill. Some companies may be willing to do this as an occasional favor to employees — and they may not even charge interest. Other firms may offer small loans as an employee benefit through cash advance apps or allotment loans from lenders like BMG Money and others.
Some landlords may allow you to pay rent with a credit card — for a small fee. Although not ideal, rates on credit cards are typically less expensive than a payday loan. If you have a credit card with an available balance, you may be able to use it to pay at least a portion of your rent. Also, some credit cards offer 0% introductory rates, so if you pay off what you charged quickly enough, you may not owe any interest.
If you have valuables like jewelry, electronics, musical instruments or other items of value, you can use them as collateral for a pawn shop loan and borrow around 25% to 60% of the item’s worth. Pawn shop loans are usually 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 pawn shop could list your item for sale.
Short-term loans can give you quick access to the money you need in an emergency situation, but compare your options before you apply. Some features to keep an eye out for include:
While the information you need to provide varies by lender, most ask for the following information:
Some lenders or cash advance apps require you to link your bank account, submit pay stubs for proof of income and may require that you get paid by direct deposit to qualify.
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.
The Finder Score crunches 3+ types of short-term loans across 65+ lenders. It takes into account the product's interest rate, fees and features, as well as the type of loan eg investor, variable, fixed rate - this gives you a simple score out of 10.
To provide a Score, we compare like-for-like loans. So if you're comparing the best short-term loans for all credit types, you can see how each short-term loan stacks up against other short-term loans with the same borrower type, rate type and repayment type.
Make sure you won’t have problems repaying the loan before you apply. And if you think you may face trouble, reconsider taking the loan in the first place. Late repayments can result in additional fees and hurt your credit rating.
Review the loan’s terms and conditions carefully to get a clear indication of what you have to pay in interest and fees.
One of the best things you can do to avoid taking on new debt to pay your rent is to communicate with your landlord as soon as you think you might have an issue. Especially if you’re normally reliable with rent, the landlord may be willing to work with you if you’re short this month.
Here are a few other measures you can take to avoid needing a short-term loan for rent:
If you’re facing an emergency and don’t have enough money for rent, you might want to first look into housing assistance or other programs offered by government agencies and local charities. Still short on funds? Look into these payday loan alternatives before turning to short-term loan options.
How late you can be on a rent payment depends on your lease agreement. For example, some rental agreements may allow for a grace period of a few days to a week or so before your rent is considered late. Some states also have mandatory grace periods that range from about three to 30 days. It’s best to check with your landlord.
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.
Yes. Federal and private student loans can be used to pay for room and board, which includes rent payments for on- and off-campus housing.
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