Loans for Rent When You Come Up Short
You just got your check and realized that there is not enough there to cover your rent. Uh oh. So if you are currently faced with this situation, take a breath and let’s figure this out. Go ahead- breathe…we will wait. Better? Good, let us begin. First and foremost, know that you are not alone. I cannot think of a single person I know that has not been short on rent at least once in their adult lives. Things happen- some things you can control and some that you cannot. Learn from it and move on.
If it is due to something out of your control, there is definitely no reason to feel shame. At the moment, the reason you are short on rent does not matter. What matters is that you need the money to pay your rent and you do not have it, so what do you do? There are a few options: find the money, make the money, get emergency help with rent from an organization, or borrow the money. Borrowing may come from talking to friends and family or applying for loans for rent. Let’s break these options down.
First Things First
Assess the situation. Sometimes we freak out when there really is no reason to- at least not yet. Are you behind on your rent or will you just now be behind if you miss this payment? If you still have any time left, you have time to fix the situation. Also, consider how much more you need to pay your rent. Do you know when you will have the rest?
Once you have a full analysis of your situation, the first step you should take is to speak to your landlord. Some may not want to work with you but many will. Here’s the thing, most landlords would much rather wait a week or two for payment than throw you out. Why? It costs them money to evict you. Not only are there legal fees, but if they evict you, they will not have money while waiting for you to move, then they have to clean it, possibly do repairs, and then find someone to move in and pay.
So if you have not made it a habit to be late on your rent, your landlord will probably be willing to work with you. This would also be the cheapest option for you. Fret not, however, if they say no. You still have other ways to handle this situation.
Loans for Rent
We are going to talk about all the options you have in a minute. But let’s first go over the information you came for -loans for rent. Once you have exhausted all other options, you may need to consider getting a loan to pay rent. This, of course, should be your last resort. There are a couple of different types of loans for rent you can apply for.
Loans for Rent From Those You Know
If you have a family member or friend willing to help you, see if they might loan you some money. Beware, though, money can ruin relationships faster than you can blink, but if they are willing, borrow the money. Then, be absolutely sure that you pay it back when you say that you will. If not, the tension will be hanging in the air between the two of you. And then you will find yourself trying to avoid that person at all costs, and a relationship will be thrown out the window. No amount of money is worth losing someone you care about.
Loans for Rent From Financial Institutions
There are tons of loans available- locating one is not the problem. Choosing the right one is. Desperation can make you want to choose the first option that comes up, but that is not wise. You have to weigh your options out. You do not put yourself into a bigger hole than you are already in. Payday loans and title loans will definitely dig you into a deeper hole. Stay away from these if you can. The interest is ridiculously high and it will take a long time to pay them off.
There may also be short term loans available to you, but these should be the last loan resort. They also charge high interest and have short repayment terms. However, if you have to choose between short term or payday loans and title loans, go with the short term loans. They are a little easier to pay off.
The best options to apply for when you need loans for rent are personal loans or personal lines of credit. The interest rates of these two are going to be much lower and you will have different- usually much better- repayment terms. When you have to take out loans for rent, you need to find those that are easy to pay back. At the very least, they need to be possible to pay back without breaking your back or losing sleep.
Where to Find Loans for Rent
Once upon a time, people had to walk into financial institutions. Then, they had to fill out what felt likes miles and miles of paperwork to get a loan. That used to be the only way. Fortunately, that is no longer true. Well, you can still walk into a financial institution if you want to. There is nothing wrong with the old school way if that is what you like. For the rest of us, the Internet is an awesome resource. If you do want to apply for loans for rent in your area, you can find those financial institutions easily. Do a web search for “need help paying rent” “loans for rent” or “emergency help with rent”. Many local places should show up.
If you are comfortable using the Internet, you should also see many online lenders and platforms that can connect you with online lenders. Loanry is one of those platforms that may connect you with a reputable lender. Loanry does not make loans, they are rather a loan mall. Through Loanry you may find a lender whose requirements you meet.
Online lenders are convenient for a few reasons. The first is that you can apply for them 24/7 from home in your pajamas. The second is that you can often be approved for them much more quickly. One of the best reasons, however, is that you can receive the money more quickly. If you are approved, they will put the money into your checking account- many by the very next day. That, of course, is a great thing if you need to pay your rent very soon.
Ways to Find the Rest of Your Rent
You may roll your eyes at this question but it is a valid one: Are you sure you do not have the money? Sometimes people have money put away that they do not think about. Perhaps there is a savings account your parents or grandparents opened for you when you were a kid that you just never think about. Maybe you have made some investments that you can cash out or bought a CD that is now mature or will be soon. In any case, I wouldn’t be surprised if you manage to find money for rent.
When I worked at Chili’s as a server, I would keep letter size envelopes for my bills. Every night when I got off, I would split my tips between each bill’s envelope. I usually kept the envelopes at home, but one day I took them to work because I was working a double and needed to pay some bills during a break. When I was done, I threw them in the console of my car, and promptly forgot about them. Months later, I opened my console for a pen and there sat those envelopes- full of cash. I had over $500 that I totally forgot about. I had worked so much and been so tired that I was not keeping up with what I made at all.
How about you? Have you hidden some money from yourself before? If you are the type that might do that, check your drawers, behind picture frames, small pockets in your wallet, and any other nook and cranny you can think of. You just might surprise yourself.
Do you receive a lot of gift cards for holidays that you do not use? There are places, such as payday loan companies, that will buy those gift cards from you. They generally will not give you the full amount that is on the gift card, but if they are just sitting around not being used, it might be worth it to get some cash instead. You can always call ahead of time to see who buys them and how much they take so you can make up your mind before you go.
Lastly, how about change? Do you save your change or just throw it in the bottom of your purse or somewhere else at the end of the day? It is insane how quickly coins can add up when you are not paying attention. If you have some change hiding anywhere, you can either take it to a Coinstar or roll it and cash it in at your bank. Coinstar is the more convenient option but it also takes somewhere around 10% of your change. If that is not a problem, go dump those babies right in and let the machine do the hard work for you. Do not be surprised if you have $50 or more if you have not been keeping up with it.
Ways to Make the Rest of Your Rent
If you have searched every corner of your mind and home for the money, and you are still short, it is time to move to phase two: make the money. The easiest way to make the rest of your rent money is definitely from a steady check but you probably do not have time to wait for payday. If you did, unless you are like me, you probably would not be looking for ways to get rent money, so let’s look at fast cash options.
Talk to friends and family. At this point, you are not asking for loans for rent but asking if they know how you can make some quick cash. Often, people will be willing to pay you for a job, even if it is just once. For instance, my mom is quite the hoarder. I have finally talked her into cleaning out her storage buildings (yes, that’s plural) but she does not want to do it alone. Though I would do it for free, since she wants me to take a day off to do it, she wants to pay me.
I have a friend who has offered to pay me to homeschool her children, and another friend asked if I could come in just twice a month to do heavy cleaning in her home simply because she works all of the time. No one wants to spend all of their off time cleaning, cutting the grass, or other boring tasks. They would much rather relax, spend time with family, or go fishing. When you talk to people you know, you may find that many are willing to pay you for some quick jobs.
You have probably heard this a thousand times but yard sales are great ways to make quick cash. Have you ever started packing to move in the past and wondered where on earth all the junk came from? I know I have. Clutter is so easy to accumulate and we often overlook it. It becomes a fixture in our homes. I am going to give you an invaluable tip I learned years back to fix that problem.
When you are trying to clean out your home, organize it, or rearrange, walk around your entire house and take photos of every room from every angle. Then put the pictures on a laptop or tablet so that you can see them well. For some crazy reason, we can find pretty much every flaw in our home when we see it in a photo. If you think you have no junk to get rid of, you will probably prove yourself wrong with the photos.
Get Emergency Funds
Sometimes when you need help paying rent, you can get that help through government assistance or charitable organizations. These will vary from city to city, but the following is a list of places to check into:
-Reach out to United Way. They themselves are not necessarily a charitable organization, but they know places that they can send you. They have a website, but you can also dial “211” on your phone for the information.
-Salvation Army- If you have one of these in your area, they will often help with rental expenses at least once.
-Catholic Centers- The names vary, of course, but you will usually be able to find them pretty easily. The one in my area is called “The Catholic Center of Concern”, and you do not have to be Catholic to receive help. They actually just genuinely want to help those in need.
-Churches- Many churches have funds to help people, so call around to see which ones in your area may be willing to help.
-HUD- If your income is low enough and you meet certain requirements, the government program called HUD may help. In fact, you may get monthly assistance if the requirements are met.
Going into debt is never fun, but neither is not being able to pay your rent. Losing your home over lack of cash, especially if you have a family relying on you, can make you feel very discouraged. Discouragement can lead to other negative issues, so you definitely want to avoid it with all of your might. Try to find or make the money to pay your rent. If that does not work, go for a loan. One can provide some temporary relief and give you some time to get back on your feet.
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Brandy Woodfolk is an educator, home business owner, project manager, and lifelong learner. After a less than stellar financial upbringing, Brandy dedicated her schooling and independent studies to financial literacy. She quickly became the go-to among family, friends, and acquaintances for everything finance. Her inner circle loves to joke that she is an expert at “budgeting to the penny”. Brandy dedicates a large portion of her time to teaching parents how to succeed financially without sacrificing time with their little ones. She also teaches classes to homeschooled teenagers about finances and other life skills they need to succeed as adults.
Brandy writes about smart money management and wealth building in simple and relatable ways so all who wish to can understand the world of finance.