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Emergency Rent Loans – How to get rent assistance

Are you currently thinking: “I need money for rent?” Well, not having money to pay your rent can send disaster alarms whirring in your head. You might conjure grievous scenes of getting evicted and ending up homeless. It is therefore paramount to find a solution and find it fast.

Applying does NOT affect

your FICO® credit score!

Shortly, get to learn all about emergency loans for rent and rent assistance programs that can rescue you from this bind. You still have options even if you feel trapped, backed to a corner, and without options.

What are emergency loans for rent?

Typically, they are emergency loans you can borrow and use to pay your rent. Now, they need to be fast because having overdue rent constitutes a real emergency. The best place to obtain these loans is not at your local bank. That’s because bank loans typically take a longer time to get approved, not counting the involving application process.

You’ll have two choices when it comes to emergency loans for rent:

• Installment loans.

• Payday loans.

Comparison of payday and installment loans for rent assistance

Installment Loans for Rent Payday Loans for Rent
$500 to $35000
Up to 60 months
Biweekly or monthly fixed-payments
Might include origination fees 1-5% of principal amount
6% to 36% with good credit. Higher rates for bad credit.
$100 to $1000.
Lasts for up to 4 weeks
Pay the full principal and finance charge in one lump sum
Origination fees not typically charged
200% to 800% APRs. (30-day rates would range from 15% to 65%)

You might want to borrow a payday loan only to discover that they are not allowed in your state. In that case, you can still borrow installment loans for bad credit. These loans have different features from normal personal loans. The loan duration starts at 3 months (90 days) to 24 months. They also come with the option of early prepayment with no penalties. It will allow you to clear the loan ahead of schedule and avoid interest charges.

Example of an installment loan taken out with bad credit

Suppose you borrow a $2000 installment loan with bad credit. The lender charges an APR of 100% for a loan duration of 12 months. If you receive your paycheck on a monthly basis, you’ll pay the loan once every month. If you receive biweekly checks, then the repayments will be two every month.

Applying does NOT affect

your FICO® credit score!

With any type of personal loans, the most important thing to find out is how much it’s going to cost. Once you know the APR, loan amount, and term, it’s easy to find this out using an online personal loan calculator (recommended IQCalculators/personal-loan).

Total principal amount Monthly payments Number of payments Total interest Total payments
$2000 $269.99 12 $1240 $3240

Tips on finding the best installment loans

Installment loans are smart choices because they offer more cash for rent than payday loans, and they are available in all states. Follow these tips to choose the best loans for help with rent arrears:

a) Find the cheapest APR you can find. The lower the APR the cheaper the loan.

b) Ensure you can afford the repayments. Don’t make the mistake of taking out a loan you can’t afford to pay rent. Defaulting on a loan is a sure way of ruining your credit.

c) Go for a shorter loan term as it could lower the interest amount you have to pay for a personal loan. That’s because interest has fewer days to accrue.

What are emergency rental assistance programs?

Rental assistance gets you the help you need to pay rent without being expected to pay back. Not everyone is eligible to receive help to pay rent. Support is mostly offered to people who need it most. Some programs will offer help once every year while few provide rental help on an ongoing basis.

Here are the assistance options you have to pay rent:

1) State rental assistance

They are assistance programs funded by individual states to help their residents deal with housing costs, utility bills, etc. For instance, in Washington, DC, residents plagued with housing emergencies can apply for the Emergency Rental Assistance Program (ERAP).

The program offers assistance during the eviction process. You receive cash to pay for late or legal fees. If you have trouble coming up with the security deposit on a new rental property or the first’s month’s rent, the program can also chip in.

2) Public housing

With public housing, you’ll be living in a rent-subsidized apartment. The program is open to people living with disabilities, elderly persons, and families with low incomes. Public housing can’t solve your immediate rent problem. It’s also plagued with loan long wait times for vacancies.

3) Housing choice vouchers

It’s a program that caters to very low-income families. They receive vouchers to finance part of their rent or the full amount at apartments, townhouses, duplexes, etc.

4) USDA Housing Assistance

The program is run by the U.S Department of Agriculture for the provision of housing in rural areas. People who qualify for the program include low-income rural residents, the elderly, and people living with disabilities.

5) Private charities

There are numerous charities that offer rental assistance, including the Salvation Army, Help Paying Bills, Red Cross, Modest Needs, Catholic Charities, etc.

Do I qualify for rental assistance?

You qualify for rent help if you’re categorized as a low-income earner, based on the living expenses in your state. You may need to pass a background check and credit check.

Applying does NOT affect

your FICO® credit score!

For USDA housing, your rent payments should be more than 30% of your income. When applying for rental help, you also provide documentation such as recent pay stubs, lease agreement, bank statements, government-issued ID, etc.

How do I get emergency money for rent? (Other options)

Other options that might get your rent money include borrowing from friends or family, taking out a salary advance, using pay advance apps, etc.

You can also talk to your landlord and see if you can add a roommate. Besides a personal loan with bad or good credit or payday loans, it’s also easy to get pawnshop loans or car title loans. Though you risk losing your assets, and the interest rates are high.

What happens if I can’t pay my rent?

If you can’t meet your monthly rent payments, it could spell doom on your credit score. Rent is due on the first day of the month. The landlord might allow a grace period of five days before they charge late fees. After the grace period, rent is officially late. You might receive a late rent notice from the landlord and phone calls.

Following a late notice is the Payor Quit Notice, which marks the start of the eviction process. The notice informs you of the outstanding debt, late fees, and final deadline on which the rent must be paid. After the final deadline elapses, the landlord will file a formal complaint in court. In some states, you’ll get evicted after the court proceedings draw to a close.

If the landlord wins the court case, they will attempt to collect the cash you still owe through a collection agency. You might end up getting your wages garnished, and because collections and judgments are recorded, your scores will be affected.

Is an emergency loan for rent or help program right for me?

To help you make a good decision, here is a comparison of the two options:

Emergency loans Assistance program
Very fast. Funding by one business day.
Flexibility in the amount you borrow.
Anyone can apply
Very accessible. You can apply online.
You must pay interest
Requires a drawn out application process.
Usually a percentage of your outstanding rent, e.g. 70%.
You must demonstrator financial need
Requires to visit offices, fill out paper work, etc.
Generally, you’re not expected to repay the loan

Borrowing an emergency loan is more convenient. You can obtain this emergency loan with bad credit even without leaving your office or home. All you have to prove to the lender is that you have the capacity to repay the debt. Rental assistance programs have a lot going on for them. For instance, you don’t have to repay the grant.

Eligibility criteria for emergency loans for rent

You’ll need to be at least 18 years old with an income of $750 or more each month after deductions. Applicants must be U.S. citizens or permanent residents. The loan underwriters might request for documents such as pay stubs, utility bills, etc. Therefore, have them ready to go.

Which type of bank account do you need? Most lenders prefer checking accounts. It allows them to set up ACH payments. Repayments will be withdrawn automatically from your account when they are due.

Apply for emergency loans for rent right now

Realistic Loans is a well-know loan matching service. We simplify the process of finding emergency loans for rent, leaving you time to do other things. No longer do you to scour the internet searching for lenders, you just fill out one application on our website and get matched to multiple loan companies.

Frequently Asked Questions

1. What are the top options if I need money help?

  • Borrow from friends or family.
  • Take out a credit card advance.
  • Sell unused items.
  • Get an extra job.
  • Apply for a personal loan from an online lender even with a bad credit score.
  • With good credit, you can explore options from traditional lenders.
  • Negotiate a payment plan with the landlord or other creditors.

2. Help I need money within 24 hours is it possible?

It is quite possible thanks to alternative lenders that look beyond your credit score. They offer emergency loans for rent in as little as 24 hours if you apply during weekdays. If you apply for a loan and get approved on a weekend, you will generally receive your loan on the next working day.

3. Need help with money and want to borrow an emergency loan for rent? What are the rates?

The interest rate depends on your credit score and the type of loan you obtain. Now, with good credit, expect rates of 5,99 to 35.99% for emergency loans for rent. If you have bad credit, obtaining a loan for rent payment might leave you with triple-digit APRs.

4. I need help with money but I have other debts. What should I do?

Taking on more debt might be a bad idea. If you’re currently facing difficult times, it is better if you speak to a credit counselor before applying for rent payment help or taking out an emergency loan to pay your rent.

Applying does NOT affect

your FICO® credit score!

Do you have any further questions?